Oracle, EU Extend Deadlines

October 7, 2004

[From internetnews.com]

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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