Close
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Applications
    • Applications

    Oracle Sets New PeopleSoft Buyout Deadline

    By
    John Pallatto
    -
    August 26, 2004
    Share
    Facebook
    Twitter
    Linkedin

      Oracle extended its $7.7 billion tender offer for all outstanding shares of PeopleSoft yet again on Thursday, as it waits for U.S. District Court Judge Vaughn Walker to issue a decision in an antitrust lawsuit that aims to permanently block the buyout.

      The offer of $21 per share is now scheduled to expire at midnight Sept. 10. Oracle Corp. has continued to extend the offer every one to two months since it first announced its bid for PeopleSoft Inc. in June 2003.

      Testimony and final arguments in the antitrust trial were completed in mid-July. There has been no indication of when Walker will release his ruling in the case. Some court observers have suggested that it could be mid-September before the judge writes his decision after sifting through thousands of pages of testimony and trial exhibits.

      The Department of Justice has argued that the court should block the merger on the grounds that only Oracle, PeopleSoft and SAP AG compete for sales of high-function enterprise software to enterprise customers.

      PeopleSoft customers would be harmed by the merger because they would be pressured by Oracle to replace their PeopleSoft installations with Oracle products, government lawyers argued.

      /zimages/1/28571.gifClick here to read about how Judge Walker challenged DOJ and Oracle lawyers to clarify key questions as they presented their final arguments.

      Oracles lawyers have argued that there are a significant number of midrange competitors in the ERP (enterprise resource planning) software market that would ensure substantial competition in the market after an Oracle merger. Furthermore, they have argued that it wouldnt be in Oracles interest to alienate PeopleSoft customers by pressuring them to make an untimely upgrade to Oracle products.

      The buyout bid will likely remain on the table even after Walker enters his decision until the parties have exhausted their appeals.

      As of the close of business Thursday, PeopleSoft shareholders had tendered about 21.6 million shares and had not withdrawn them, according to Oracle officials. At the end of the previous tender-offer deadline, only 4.6 million shares had been tendered and not withdrawn. PeopleSoft stock closed Thursday at $17.25, down eight cents from the previous days close.

      The number of shares offered has fluctuated greatly over the past 14 months, apparently depending upon shareholder sentiment about whether Oracle will ultimately prevail in the antitrust lawsuit.

      /zimages/1/28571.gifCheck out eWEEK.coms Enterprise Applications Center at http://enterpriseapps.eweek.com for the latest news, reviews and analysis about productivity and business solutions.

      /zimages/1/77042.gif

      Be sure to add our eWEEK.com enterprise applications news feed to your RSS newsreader or My Yahoo page

      John Pallatto
      John Pallatto has been editor in chief of QuinStreet Inc.'s eWEEK.com since October 2012. He has more than 40 years of experience as a professional journalist working at a daily newspaper and computer technology trade journals. He was an eWEEK managing editor from 2009 to 2012. From 2003 to 2007 he covered Enterprise Application Software for eWEEK. From June 2007 to 2008 he was eWEEK’s West Coast news editor. Pallatto was a member of the staff that launched PC Week in March 1984. From 1992 to 1996 he was PC Week’s West Coast Bureau chief. From 1996 to 1998 he was a senior editor with Ziff-Davis Internet Computing Magazine. From 2000 to 2002 Pallatto was West Coast bureau chief with Internet World Magazine. His professional journalism career started at the Hartford Courant daily newspaper where he worked from 1974 to 1983.

      MOST POPULAR ARTICLES

      Big Data and Analytics

      Alteryx’s Suresh Vittal on the Democratization of...

      James Maguire - May 31, 2022 0
      I spoke with Suresh Vittal, Chief Product Officer at Alteryx, about the industry mega-shift toward making data analytics tools accessible to a company’s complete...
      Read more
      Cybersecurity

      Visa’s Michael Jabbara on Cybersecurity and Digital...

      James Maguire - May 17, 2022 0
      I spoke with Michael Jabbara, VP and Global Head of Fraud Services at Visa, about the cybersecurity technology used to ensure the safe transfer...
      Read more
      Applications

      Cisco’s Thimaya Subaiya on Customer Experience in...

      James Maguire - May 10, 2022 0
      I spoke with Thimaya Subaiya, SVP and GM of Global Customer Experience at Cisco, about the factors that create good customer experience – and...
      Read more
      Cloud

      IGEL CEO Jed Ayres on Edge and...

      James Maguire - June 14, 2022 0
      I spoke with Jed Ayres, CEO of IGEL, about the endpoint sector, and an open source OS for the cloud; we also spoke about...
      Read more
      Big Data and Analytics

      GoodData CEO Roman Stanek on Business Intelligence...

      James Maguire - May 4, 2022 0
      I spoke with Roman Stanek, CEO of GoodData, about business intelligence, data as a service, and the frustration that many executives have with data...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2022 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×