PeopleSoft to Review Revised Oracle Bid
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.
"PeopleSofts Board of Directors, consistent with its fiduciary duties, will meet to review and discuss Oracles revised $19.50 per share tender offer and will make its recommendation to PeopleSoft stockholders in due course," the statement read.
PeopleSoft reiterated in the statement that its objections to the initial offer were also based on antitrust concerns, the length of the regulatory review process for any deal and the negative impact such a deal could have on PeopleSoft customers.