[ Wednesday ]
Oracle Offers $9.4 Billion for PeopleSoft
Wed February 4, 2004 12:22 PM ET
By Julie MacIntosh
NEW YORK (Reuters) - Software provider Oracle Corp. (ORCL.O: Quote, Profile, Research) raised its unsolicited takeover offer for PeopleSoft Inc. (PSFT.O: Quote, Profile, Research) on Wednesday by a third to $9.4 billion, signaling its determination to win over PeopleSoft shareholders ahead of a key March vote.
Analysts said the new bid was compelling, but Oracle, the world's No. 2 software, still faces a crucial government ruling on whether the deal would be anti-competitive.
Business software maker PeopleSoft, which has characterized Oracle's bid as a plot to eliminate a rival, on Wednesday said its board would meet to review the new offer and asked shareholders not to act.
Oracle raised its offer for PeopleSoft to $26 per share from $19.50 per share. Redwood Shores, California-based Oracle said it would not raise the bid further.
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MM [11:25]
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