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Oracle extends its offer for PeopleSoft

PeopleSoft investors now have until Dec. 31 to tender their shares, as both sides wait for antitrust authorities to weigh in.

Oracle Corp. has once again extended its takeover deadline for PeopleSoft Inc., the fifth such extension since it launched its acquisition bid in early June.

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PeopleSoft investors now have until Dec. 31 to tender their shares. Previously, the deadline was Oct. 17.

The federal government continues to review Oracle's takeover attempt on antitrust grounds, and last week Oracle executive vice president Chuck Phillips said he doesn't expect a ruling until late November or early December.

"We are as committed today as we were when we first announced our offer in June and therefore extend our bid for PeopleSoft," Jim Finn, Oracle spokesperson, said in a statement.

Oracle may have to up the ante, however, if it's to be successful. Its current offer of $19.50 per share falls short of the $20.55 that PeopleSoft stock was trading at when the market closed Friday.

So far investors have tendered just 6.7% of the outstanding shares of PeopleSoft.

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