California, June 04: Oracle on Thursday said that it had extended its tender offer for shares of PeopleSoft until July 18. The offer, under which Oracle would acquire its smaller rival in a $6.2 billion hostile takeover, had previously been scheduled to expire on July 7.
Oracle said in a statement that as of the close of business on July 3, 34.75 million shares -- or nearly 11 per cent of PeopleSoft's outstanding stock -- had been tendered and not withdrawn from the offer.
"We extended early as an affirmation of our commitment to the deal and as a convenience to PeopleSoft shareholders," Oracle spokeswoman Jennifer Glass said. She would not comment on whether Oracle intends to raise the price of its offer, which currently stands at $19.50 per share. Oracle previously raised its bid to that level from an initial offer of $16 per share.
PeopleSoft spokesman Steve Swasey said the percentage of shares tendered to Oracle, was "obviously" very low.
Bureau Report