Oracle ups the price for PeopleSoft again

MyCustomer.com

Oracle has again upped the price its willing to pay for PeopleSoft and formally removed its objection to the merger with JD Edwards which was completed last week.

Oracle's hostile bid has been revalued to include JD Edwards and now stands at $7.25 billion instead of $6.3 billion, according to the regulatory filing with the US Securities and Exchange Commission.

As part of its filing, Oracle also formally removed a condition of the bid which required its consent to make changes to the $1.8 billion merger agreement between PeopleSoft and J.D. Edwards. Oracle had already signaled last month that it would not object to PeopleSoft making changes to the J.D. Edwards offer.

But the filing doesn't remove Oracle’s forthcomng lawsuit against PeopleSoft, in which it hopes to amend its competitor's anti-takeover "poison pill." Both companies are due to submit letters to the Delaware Chancery Court to propose how to proceed with the case.

Oracle originally bid $5.1 billion for PeopleSoft but raised the bid to $6.3 billion after investors balked at the initial offer. The exchange offer period for the deal ends on the 15th August.

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