Oracle Extends Tender Offer Two More Days

January 5, 2005 ( - Oracle, unable to gain a high enough stake to quickly complete its merger with PeopleSoft, has extended its tender offer by two days.

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.