Oracle Continues With Buyout Formalities

As expected, Oracle said Thursday it has extended its offer to buy all the common stock of PeopleSoft Inc., a deal valued at about $6.3 billion.

The original offer, made nearly one month ago, was set to expire at midnight July 7.

PeopleSoft continues to fend off the bid. Its board has voted twice to reject Oracle's bid and is asking that shareholders do the same. It has also filed suit against Oracle and retained the services of well-known antitrust attorney Gary Reback.

Oracle, meanwhile, filed a suit against PeopleSoft and is responding to the U.S. Department of Justice's request for more information regarding its unsolicited bid. While not unexpected, such a request indicates that regulators may have antitrust concerns.

News source: InformationWeek - Oracle Continues With Buyout Formalities

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