Oracle Extends PeopleSoft Bid Again
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.