Oracle extends deadline for Peoplesoft bid

Oracle has extended the deadling for its hostile takeover of Peoplesoft, giving shareholders until September 19th to accept bid of $19.50 per share

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By  Mark Sutton Published  August 12, 2003

Oracle is continuing to pursue Peoplesoft, with the announcement that it is extending the deadline for its offer for Peoplesoft by another month. Oracle is currently attempting a hostile takeover of its business application rival, and was due to close its offer for Peoplesoft shares on 15th August, although the vendor announced on Friday that it will extend this deadline to 19th September.

Oracle has already increased the value of its bid to $19.50 per share in mid-June, but had still only received tenders for 37.7 million shares, around 10% of Peoplesoft stock by 8th August.

“We are extending our offer for PeopleSoft and we remain fully committed to acquiring PeopleSoft,” said Jim Finn, Oracle spokesman.

The apparent lack of interest from stock holders is not the only hurdle facing Oracle. Around 30 US states have already agreed to co-operate on an anti-trust investigation into the takeover, and now Canadian regulators are launching an anti-trust investigation of their own, it was announced on Friday.

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