PeopleSoft to Review Revised Oracle Bid
PeopleSoft advises stockholders to take no action until the review is complete.PeopleSoft Inc. issued a statement Wednesday afternoon saying its board of directors would review Oracles sweetened bid to buy the company and advising stockholders to take no action until that review is complete. Oracle raised its unsolicited cash tender offer for PeopleSoft to $19.50 per share from $16 Wednesday morning. PeopleSofts board of directors rejected Oracles original offer last week. Large shareholders of PeopleSoft stock in turn advised Oracle to raise the bid earlier this week to win their approval.
No timeframe was given for the PeopleSoft boards review of the new offer.