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Administration May 1, 2005
Oracle Extends Tender Offer Two More Days
January 5, 2005 (PLANSPONSOR.com) - Oracle, unable
to gain a high enough stake to quickly complete its merger
with PeopleSoft, has extended its tender offer by two
days.
Reported by Kip McDaniel
Because Oracle cannot buy out remaining shareholders unless it holds 90%, the company extended its deadline for shareholders to accept the tender offer. The new deadline in now Thursday, January 6 at 8:00 PM. As of Tuesday’s deadline, shareholders had tendered 89.4% of the shares to Oracle, according to a company statement on its Web site. The tender offer remains at $26.50.
Oracle’s takeover of PeopleSoft has been a long, drawn-out affair, lasting 18 months (See PeopleSoft Chairman Resigns as Oracle Continues to Collect Shares ). PeopleSoft’s board, after fighting Oracle with anti-takeover tactics, finally advised its shareholders to accept Oracle’s offer last month.