Oracle has extended its $7.7 billion cash offer for PeopleSoft yet again. Shareholders in the company now have until 8 October to tender their shares.
The extension comes two weeks after a federal judge sided with Oracle by ruling that an acquisition of PeopleSoft would not be anti-competitive. The US Department of Justice (DoJ) sought to block the hostile takeover and battled Oracle over a four-week trial.
Oracle is offering $21 per share. The offer has been extended several times already and was set to expire today, 24 September. PeopleSoft is fighting Oracle's takeover attempt and its board of directors has unanimously rejected each of Oracle's offers as inadequate.
The number of shares tendered by PeopleSoft shareholders has dropped since Oracle won the court case. As of the end of Thursday, about 23.8 million shares, or 6.5 percent of PeopleSoft's outstanding shares, had been tendered into Oracle's offer, the company said. That is down from 26.5 million, or 7.2 percent of outstanding shares, two weeks ago.
Although it has defeated the DoJ in court, Oracle still faces several hurdles before it can acquire PeopleSoft. These include a possible appeal by the DoJ and an anti-takeover provision in PeopleSoft's bylaws that allows it to manipulate its shares to make a hostile acquisition prohibitively expensive. The European Commission is also investigating the anti-trust implications of the takeover bid.