With the future of its $7.7 billion takeover attempt of PeopleSoft Inc. resting in the hands of a federal judge, Oracle Corp. is once again extending its tender offer for investors to tender their shares.
The extension, announced Thursday, gives shareholders until Sept. 10. Oracle is offering them $21 per share.
The previous offer was set to expire at midnight Friday. To date, approximately 6% of the outstanding PeopleSoft shares have been tendered and not withdrawn. Oracle lowered its offer from $26 per share to $21 in May.
Redwood Shores, Calif.-based Oracle has regularly extended the tender offer since it first announced the takeover attempt of Pleasanton, Calif.-based PeopleSoft more than a year ago.
The government filed suit to block the takeover, arguing it would be anti-competitive. A month-long trial over the matter ended in July. U.S. District Court Judge Vaughn Walker is expected to rule on the case before the end of September, though a decision could come as soon as this week.
PeopleSoft shares opened Friday on the New York Stock Exchange at $17.25.
FOR MORE INFORMATION:
Read about PeopleSoft's most recent quarterly earnings
Learn more about the takeover attempt