Oracle Wednesday said it has to readjust its timeline a bit as part of its $6.3 billion take over bid for Pleasanton, Calif.-based PeopleSoft
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The Redwood Shores, Calif.-based business software maker said it is extending the deadline on its latest offer for all of the common stock of PeopleSoft to midnight Eastern on Friday, July 18, 2003. The previously deadline was set to expire at midnight Eastern on Monday, July 7, 2003.
In a statement, Oracle said a total of 34,753,434 shares had been tendered in and not withdrawn from the offer as of the close of business on July 3, 2003.
The delay was expected considering a second round of inquiries by the Justice Department. The DOJ is trying to determine if it has an anti-trust case on its hands if Larry Ellison’s company makes a stash and grab for PeopleSoft and its own potential $1.75 billion merger with JD Edwards .
Another potential delay was dismissed by the European Commission. Officials said a report in the Financial Times newspaper suggesting it would open an in-depth review of Oracle’s hostile bid for rival PeopleSoft is false.
But the drama has also shifted in favor of PeopleSoft now that the company said Wednesday that its second-quarter earnings will be better than expected.
If PeopleSoft’s quarter is as good as they say it is, Oracle may have to raise its offer, according to analysts with Pacific Growth Equities.
The report this week says if Oracle fails to bump up its offer a second time, PeopleSoft will likely complete its deal with J.D. Edwards, making Oracle’s quest for PeopleSoft even more expensive.