Oracle extends PeopleSoft takeover bid as support drops away

MyCustomer.com

Oracle has extended its bid for PeopleSoft yet again, but even as it does so, support for the takeover among PeopleSoft shareholders seems to be dropping away.

About 14 million more PeopleSoft shares previously tendered to Oracle as part of its hostile takeover attempt have been withdrawn. According to Oracle’s own figures, the firm has the support of 24,812,259 shares, down from 38,718,737 in September.

The 24.8 million tendered shares equals 6.8 per cent of the 416.28 million PeoplSoft has outstanding. On 4th September, Oracle had secured the support of 9.3 per cent of the outstanding shares. That in turn was down from 11.9 per cent on 10th August.

But Oracle has extended its deadline until 31st December. "We are as committed today as we were when we first announced our offer in June and therefore extend our bid for PeopleSoft," said an Oracle spokesperson.

Meanwhile Oracle executive vice president Chuck Phillips has said that the investigation by the Department of Justice into the takeover bid’s monopoly implications is likely to drag on as late as December.

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