The number of shares being tendered to Oracle Corp.’s hostile takeover offer for rival PeopleSoft Inc. has increased for the first time in a year, according to numbers released when Oracle extended its offer yet again yesterday.
The database giant said that as of close of business yesterday, about 21.2 million shares had been tendered in and not withdrawn from the offer. That’s about six percent of the total outstanding, up from 4.7 million or one percent on July 12.
Oracle extended its offer, worth $7.7 billion, until September 10. It is about the tenth time the firm has extended the period of the offer since it was first announced in June 2003. The offer was reduced from $26 to $21 per share in May.
PeopleSoft’s share price was $17.25 at close of business last night. While it has inked some huge deals, the firm has been missed sales targets in its last reported quarter, and blames the ongoing tussle with Oracle for putting off some buyers.
Oracle may, however, be blocked from continuing on with its offer by a San Francisco judge on antitrust grounds. The US government argues that the merger would be illegally bad for competition. The trial ended last month, and a ruling is still pending.