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PeopleSoft extends refund offer

PeopleSoft has told the US Securities and Exchange Commission that it is extending a disputed customer refund offer aimed at...

PeopleSoft has told the US Securities and Exchange Commission that it is extending a disputed customer refund offer...

aimed at thwarting a takeover attempt by Oracle until 31 December.

The company introduced its Customer Assurance Programme in June, soon after Oracle announced its unsolicited bid for the company. The programme offers customers refunds of up to five times the price of their software if the company is acquired and the products discontinued.

The programme could, potentially, cost Oracle hundreds of millions of dollars if it succeeded in buying PeopleSoft, making the deal financially prohibitive.

Earlier this month Oracle filed for an injunction against the refund offer, and indicated that it may have to drop its takeover bid if the programme continued.

In a document filed with the SEC yesterday, PeopleSoft said that it decided earlier this week to extend the refund programme the end of December, offering customer refunds if the company is acquired within two years of a purchase and if the product and its support or updates are discontinued within four years of purchase.

Oracle representatives were not immediately available to comment on the refund programme.

Scarlet Pruitt writes for IDG News Service

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