The clock has again been reset for all sides in the proposed
takeover of PeopleSoft (Quote, Chart).
Late today, Oracle (Quote, Chart) announced it had extended its tender
offer for all of the common stock of PeopleSoft to midnight Friday, October
22. The tender offer was previously set to expire on Friday, October 8. This
marks more than a dozen times that Oracle has adjusted its deadline.
Oracle's announcement comes one day after board member Joseph Grundfest
testified in a Delaware court that Oracle's current bid of $21 per share -- or around
$7.7 billion total -- might need to be renegotiated. Grundfest took the
stand as part of Oracle's lawsuit
against PeopleSoft designed to remove its Customer Assurance Program (CAP),
which guarantees a refund to PeopleSoft customers should the company be
acquired by a hostile takeover.
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