Oracle Lifts PeopleSoft Bid by $1.2 Billion

June 18, 2003

[From internetnews.com]

Oracle (Quote, Company Info) Wednesday raised its bid for PeopleSoft from $5.1 billion to $6.3 billion, significantly sweetening the offer in what has become an escalating takeover/merger struggle among three enterprise application companies.

The database giant also fired back at lawsuits from PeopleSoft (Quote, Company Info) and its intended merger partner before Oracle's bid, J.D. Edwards (Quote, Company Info), by saying it intends to file a suit against the companies.

Redwood Shores, Calif.'s Oracle made a cash tender offer to purchase all of the outstanding shares of Pleasanton, Calif.'s PeopleSoft to $19.50 per share, up $3.50 per share from the original offer of $16 made June 6.

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