Oracle extends PeopleSoft tender offer

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Oracle extends PeopleSoft tender offer

Oracle has given PeopleSoft an extra 11 days to accept its offer to acquire all PeopleSoft's common stock.

deadline to accept the tender offer is now midnight Eastern time on 18 July.

Oracle announced its $5.1bn unsolicited bid for PeopleSoft on 6 June and, in the face of strong resistance from PeopleSoft, increased its offer to $6.3bn on 18 June. The offer originally was due to expire at midnight on 7 July.

By close of business yesterday, 34,753,434 shares had been tendered in and not withdrawn from the offer, Oracle claimed. There are 316,606,000 PeopleSoft shares outstanding, according to the Nasdaq stock exchange website.

PeopleSoft director of corporate public relations Steve Swase said the response rate of less than 11% was "underwhelming".

"It's consistent with what PeopleSoft's board has said all along: that Oracle's offer undervalues the company and involves unacceptable risks for stockholders," he said.

Oracle needs a majority of PeopleSoft shares to be tendered if the acquisition is to go ahead. Oracle vice president of corporate public relations Jennifer Glass would not speculate on what action the company might take if that majority were not obtained by 18 July.

Peter Sayer writes for IDG News Service


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