Oracle extends PeopleSoft shareholder deadline |
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By Jon Panker, News Editor
04 Jul 2003 | SearchCRM.com |
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Oracle Corp. is extending its deadline for PeopleSoft Inc. investors to tender their shares. Shareholders will now have until midnight on July 18, instead of the original deadline of Monday.
The move comes after the U.S. Department of Justice asked Oracle to provide it with additional information on the takeover. In resisting the acquisition, PeopleSoft has claimed that it would violate antitrust regulations.
Oracle said that as of Thursday, it had received 34.7 million outstanding PeopleSoft shares. In a written statement released after the Oracle extension, PeopleSoft said that less than 11% of its shares were tendered and called that an "underwhelming response" consistent with its board's decision to reject the hostile takeover.
PeopleSoft continues to proceed with its planned merger with J.D. Edwards & Co., which could close later this month and further complicate Oracle's plans.
Four days after the J.D. Edwards deal was announced, Oracle made its original bid for PeopleSoft. It later upped its offer, which now stands at $6.3 billion or $19.50 per share.
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