Oracle Extends PeopleSoft Deadline
From Times staff and wire reports
Oracle Corp., the world’s second-largest maker of business-management software, extended the deadline for its $6.3-billion hostile bid for PeopleSoft Inc. as investors predicted Oracle probably would have to boost its offer.
PeopleSoft responded by announcing that fewer than 11% of its outstanding shares had been tendered under Oracle’s unsolicited offer.
Oracle extended its offer to shareholders one day after PeopleSoft, based in Pleasanton, Calif., said second-quarter sales and profit topped its forecasts. The offer, which was to expire Monday, now gives shareholders until July 18 to decide. Redwood City, Calif.-based Oracle last month raised the price to $19.50 a share from $16. PeopleSoft’s board rejected both offers.
