Oracle's hostile bid to acquire rival enterprise software maker PeopleSoft for $US7.7 billion will continue a little longer.
Oracle filed one of its now-routine offer extensions last Thursday, this time pushing the expiration deadline from August 27 to September 10.
Oracle has extended its bid's deadline 10 times since launching the takeover campaign in June 2003.
One wrinkle in the saga is an increasing interest among shareholders in accepting Oracle's offer. More than a year ago, soon after Oracle announced its takeover plans, it had 34.8 million shares tendered into the offer. That number steadily dwindled over the next year, to a low of 4.7 million tendered shares in mid-July.
Oracle said it now has 21.7 million tendered shares - 6 pe rcent of PeopleSoft's outstanding total. Oracle is offering shareholders $US21 cash per share, a premium on PeopleSoft's recent trading price. The company's shares (PSFT) closed which closed in hursday trading on the Nasdaq exchange at $US17.25.
The extension of Oracle's tender offer is just the latest chapter in the ongoing drama between the two companies.
In July, the trial phase of a US government lawsuit to stop Oracle's takeover bid came to an end. In that suit, the US Department of Justice argued Oracle's acquisition of PeopleSoft would stifle competition and lead to higher prices in the enterprise software market.
The judge's decision in that case, set to occur in the weeks following the trial's end on July 20, is believed to be imminent.