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Oracle set to raise bid for PeopleSoft again

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7th Jan 2004
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Oracle seems ready to up its bid for PeopleSoft yet again, but not until after the US Justice Department and the European Commission clear the takeover bid.

PeopleSoft's stock is currently trading higher than Oracle's $19.50-per-share offer. Oracle has revised its PeopleSoft offer twice.

Speaking in Canada, Oracle chief financial officer Jeff Henley said: "Their [stock] price is higher now than our offer. So nobody is going to tender, even if we get the clearance." The problem is we have to get approval from the US Justice Department and the European Commission to proceed. Those have become protracted processes.

Henley added that Oracle's next course of action will be determined once PeopleSoft's year-end results are analyzed.

Separately, Henley said Oracle might add more salespeople and software developers this year if the economy picks up and Oracle posts "double-digit" growth this year.

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