Article

As software world awaits ruling, Oracle extends offer

Barney Beal

With the future of its $7.7 billion takeover attempt of PeopleSoft Inc. resting in the hands of a federal judge, Oracle Corp. is once again extending its tender offer for investors to tender their shares.

The extension, announced Thursday, gives shareholders until Sept. 10. Oracle is offering them $21 per share.

The previous offer was set to expire at midnight Friday. To date, approximately 6% of the outstanding PeopleSoft shares have been tendered and not withdrawn. Oracle lowered its offer from $26 per share to $21 in May.

Redwood Shores, Calif.-based Oracle has regularly extended the tender offer since it first announced the takeover attempt of Pleasanton, Calif.-based PeopleSoft more than a year ago.

The government filed suit to block the takeover, arguing it

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would be anti-competitive. A month-long trial over the matter ended in July. U.S. District Court Judge Vaughn Walker is expected to rule on the case before the end of September, though a decision could come as soon as this week.

PeopleSoft shares opened Friday on the New York Stock Exchange at $17.25.

FOR MORE INFORMATION:

Read about PeopleSoft's most recent quarterly earnings

Learn more about the takeover attempt


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