Oracle Corp. Chairman Jeff Henley said his software company may still prevail in its $9.4 billion hostile bid for Pleasanton-based PeopleSoft Inc. (PSFT), even though success is "not highly probable."

"We're not done with PeopleSoft," Henley said at a J.P. Morgan Chase & Co. technology and telecommunications conference in San Francisco. Technology spending is "on the mend," Henley said, which will help sales, with or without PeopleSoft.

Oracle is preparing for a June 7 trial to defend its bid against a U.S. Justice Department antitrust suit. Henley said he will be deposed for two days as part of the case. Oracle has pursued its bid for PeopleSoft for almost a year as it tries to boost its market share in applications software for businesses.

PeopleSoft shares, which closed at $17.74, are trading 32 percent below Oracle's $26-a-share bid, a sign investors expect the offer to fail.

"The question is how do we get a stronger and stronger market position in the applications space," Henley said. "Our view is that we have to scale up."

Oracle is No. 3 in software that handles functions such as human resources and payrolls. It trails PeopleSoft and No. 1 SAP AG of Germany.