Oracle has laid down what it swears is its "best and final offer" for rival PeopleSoft. It has increased its bid from $21 a share to $24 a share and at the same time eliminated some of the previous conditions.
The enterprise software provider said the offer, which expires on 19 November, would be its last bid for PeopleSoft, potentially ending the 17-month takeover saga.
Following the European Commission's decision not to block the proposed takeover, and the US Department of Justice's failure to do so, Oracle called PeopleSoft's board of directors its only obstacle to shareholders considering its offer. "The time has come to bring this matter to a conclusion by allowing the stockholders to decide," Oracle said in a letter to PeopleSoft's shareholders on Sunday.
The $24 a share is a 60 percent premium on the price of PeopleSoft's stock prior to its offer. "We believe it represents a substantial premium to the price at which those shares would trade were it not for our offer," Oracle said. That is ignoring the fact that Oracle previously offering $26 a share back in February.
Oracle also said it is dropping many conditions from its offer but keeping its demand that PeopleSoft's board eliminate the so-called "poison pill" provision.
Find your next job with techworld jobs