Oracle waits on PeopleSoft stragglers
Oracle is still hunting for a few more PeopleSoft shares before it can officially close its acquisition of the company.
Oracle today extended its tender offer for PeopleSoft shares once again. The database giant made a similar move last week when it held 75 per cent of PeopleSoft's outstanding stock. It now has 89.4 per cent of the shares but needs 90 per cent to close the deal without holding a special shareholder meeting.
The offering period has now been extended from its original expiration last night to 8pm Eastern Time on Thursday. Without the 90 per cent of shares needed, Oracle would likely have to delay its buy of PeopleSoft by four to six weeks.
Oracle plans to discuss the merged company in detail with press, analysts, customers, partners and anyone else who will listen during a Jan. 18 web cast. ®