Oracle Discounts PeopleSoft Bid

May 17, 2004

The price of purchasing PeopleSoft (Quote, Chart) just dropped by $1.7 billion, Oracle (Quote, Chart) executives said Friday.

The Redwood Shores, Calif.-based database software vendor said it has revised its tender offer for all of the outstanding shares of PeopleSoft to $21 per share, or approximately $7.7 billion. Previously, Oracle was prepared to shell out $26 per share, or $9.4 billion, for its rival.

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