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.