In response to Oracle's higher bid, PeopleSoft said its board would meet to review the new offer and make a recommendation to shareholders ''in due course.'' PeopleSoft's board rejected Oracle's original unsolicited $16 a share offer; its chief executive, Craig Conway, called the bid ''diabolical.'' Oracle's revised offer for PeopleSoft comes just two days after PeopleSoft modified its bid for J. D. Edwards, a smaller rival, to include cash as well as stock, thereby eliminating the need for a PeopleSoft shareholder vote. By removing the shareholder vote, PeopleSoft made it harder for Oracle to challenge the J. D. Edwards acquisition and made a PeopleSoft acquisition less attractive. As part of its latest offer, Oracle is asking for the cancellation of the revised merger agreement between PeopleSoft and J. D. Edwards, and that PeopleSoft's shareholders be allowed to vote on the matter.