Oracle Extends PeopleSoft Bid — Again

By Matthew Hicks  |  Posted 2003-10-10 Print this article Print

The software maker lengthens $7.3 billion offer, ready to expire next week, until the end of the year.

Oracle Corp. on Friday extended its bid a fifth time to buy enterprise software competitor PeopleSoft Corp.—this time until the end of the year. The latest extension of the hostile $7.3 billion bid lasts until midnight EST on Dec. 31, replacing a tender offer that was set to expire at midnight EDT on Oct. 17. Oracle, of Redwood Shores, Calif., began its quest for PeopleSoft in June and has since raised its offer to $19.50 a share.
"We are as committed today as we were when we first announced our offer in June ()," said Oracle spokesman Jim Finn in a statement.
As of the close of business on Friday, Oracle said, PeopleSoft shareholders had tendered a total of 24.8 million shares in the offer. Oracles bid for PeopleSoft, of Pleasanton, Calif., is in the middle of a U.S. Department of Justice review. Oracle executives have said they expect that investigation to conclude this month or next. Discuss this in the eWEEK forum.
Matthew Hicks As an online reporter for, Matt Hicks covers the fast-changing developments in Internet technologies. His coverage includes the growing field of Web conferencing software and services. With eight years as a business and technology journalist, Matt has gained insight into the market strategies of IT vendors as well as the needs of enterprise IT managers. He joined Ziff Davis in 1999 as a staff writer for the former Strategies section of eWEEK, where he wrote in-depth features about corporate strategies for e-business and enterprise software. In 2002, he moved to the News department at the magazine as a senior writer specializing in coverage of database software and enterprise networking. Later that year Matt started a yearlong fellowship in Washington, DC, after being awarded an American Political Science Association Congressional Fellowship for Journalist. As a fellow, he spent nine months working on policy issues, including technology policy, in for a Member of the U.S. House of Representatives. He rejoined Ziff Davis in August 2003 as a reporter dedicated to online coverage for Along with Web conferencing, he follows search engines, Web browsers, speech technology and the Internet domain-naming system.

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