Oracle sets new deadline on PeopleSoft bid

Oracle has extended the deadline for PeopleSoft investors to tender their shares in its hostile bid to acquire its business software rival--the 11th extension of the offer since Oracle launched the bid more than 15 months ago. The $7.7 billion offer, which was set to expire on Friday, is good through Oct. 8, Oracle said on Thursday. The deal offers $21 for each share of PeopleSoft stock, which closed on Thursday at $19.25 a share.

Oracle, which recently won an antitrust suit over the proposed merger, said PeopleSoft stakeholders have sold about 23.8 million shares to Oracle. The company must still clear a number of merger hurdles, including a review of the deal by European regulators, a possible appeal of the U.S. antitrust ruling, a PeopleSoft lawsuit and a PeopleSoft shareholder rights plan that dilutes any unwelcome bidder's holdings once it acquires more than 20 percent of the company's shares.