Oracle extends PeopleSoft bid
- By Michael Hardy
- Jul 03, 2003
Oracle Corp. has once more extended its offer to PeopleSoft shareholders to buy their stock in an effort to take over the rival company.
Originally set to expire July 7, the offer of $19.50 a share, or about $6.3 billion total, is now good through midnight July 18.
The Justice Department earlier this week requested additional information from the companies in evaluating whether the deal would violate antitrust laws. While the companies continue to wrangle, no deal could become final without Justice's approval.
PeopleSoft's board has twice voted to reject Oracle's offers, but the final decision rests with shareholders. The board has said that the offer undervalues PeopleSoft, and that antitrust regulators are likely to bar it.
Oracle spokeswoman Jennifer Glass said the company's compliance with the Justice request is "in process now," but did not say when it will be complete.
PeopleSoft, meanwhile, is continuing its own friendly takeover bid for J.D. Edwards & Co., a mid-market software maker that would extend PeopleSoft's reach into smaller enterprises.