Oracle Extends Bid for PeopleSoft
From Associated Press
Business software maker Oracle Corp. extended its $7.5-billion hostile takeover bid for rival PeopleSoft Inc. through the end of the year, giving the proposal more time to clear legal hurdles.
The $19.50-a-share offer for PeopleSoft had been set to expire Oct. 17. The decision to push the deadline back to Dec. 31 didn’t come as a surprise; it marked the fifth time Oracle has extended the offer since launching the bid in early June.
Although Pleasanton, Calif.-based PeopleSoft has rejected the offer, Oracle insists it won’t abandon the fight unless the Justice Department blocks the deal for competitive reasons. Oracle expects government regulators to complete an antitrust review in November.
