Oracle may drop PeopleSoft lawsuit

The clock is really ticking on Oracle's $8.8 billion PeopleSoft bid.

Oracle plans to drop a suit against PeopleSoft if it fails to convince PeopleSoft shareholders to sell at least half of the company's 367 million outstanding shares by Nov. 19--the date that the current offer expires.

The Redwood Shores, Calif., company outlined its plan in a letter Friday to Judge Leo Strine of the Delaware Chancery Court, reiterating its intention to call off the PeopleSoft deal if shareholders don't get on board soon.

"Oracle's best and final offer expires on Friday, November 19," the letter states. "Under the terms of the offer, if less than 50 percent of PeopleSoft's shares are tendered by that date, the Oracle tender offer will end. In that event, Oracle will drop its claims before this Court."

The letter, signed by Oracle attorney Michael Carroll, asks Strine to postpone a Friday hearing related to the case until after the Nov. 19 expiration of its bid.

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