Pleasanton (California) July 15: Software group Peoplesoft struck a blow yesterday against a $ 6.3-billion hostile bid by oracle corp., winning government clearance for a friendly merger with JD Edwards. But Oracle appeared undaunted, saying it would pursue the hotly-opposed takeover attempt whether or not the merger went ahead. It also extended the bid by nearly a month until August 15.
Peoplesoft said that the department of justice had decided to terminate the waiting period required under antitrust legislation for its friendly, $ 1.75-billion acquisition of JD Edwards.

"The department of justice's decision to grant early termination is great news," said Peoplesoft president and chief executive Craig Conway.
"This is a very important milestone and clears the way for the JD Edwards acquisition to be completed."

Oracle Corp., which launched its bid in early June, said that it had so far acquired 43.77 million Peoplesoft shares-- about 13.8 percent of the outstanding stock.

The offer, which had been expected to expire midnight Friday, was now being lengthened to midnight August 15. "We are extending our offer for Peoplesoft and we remain fully committed to acquiring Peoplesoft, with or without JD Edwards," said Oracle spokesman Jim Finn.

The Oracle bid for Peoplesoft had already taken a hit June 30, when the justice department announced it was extending an antitrust review of the hostile bid.

Bureau Report