The firm, which is offering $7.3 billion for PeopleSoft, said it has the support of 24,812,259 shares, down from 38,718,737 on September 4. Oracle extended the offer, which had been due to expire on October 17 until December 31.
The 24.8 million tendered shares equals 6.8% of the 416.28 million PeopleSoft has outstanding. On September 4, Oracle had secured the support of 9.3% of the outstanding shares, which was down from 11.9% on August 10.
Since June, the company tried unsuccessfully to stop the acquisition by PeopleSoft of JD Edwards & Co, raised its offer from $16 to $19.50 per share, and started providing documents to the US Department of Justice, which is conducting a competition probe, which is likely to last until December.
PeopleSoft’s management and board has rejected Oracle’s offer on numerous occasions. Oracle is believed to be preparing a proxy fight to put its own directors on PeopleSoft’s board in the middle of next year.
This article was based on material originally published by ComputerWire.
