PeopleSoft completes stock buyback

Business software maker PeopleSoft reported Tuesday that it completed a planned stock repurchasing program, buying back 16,515,000 shares of its common stock valued at roughly $350 million. The effort was first announced Sept. 4.

The buyback is one of numerous strategies PeopleSoft has undertaken to fight rival Oracle's $7.3 billion hostile bid to take over the company. While Oracle executives repeated their desire to complete the acquisition last week, PeopleSoft continues to make moves aimed at making the deal less plausible. Last month the company extended a controversial customer refund program that Oracle maintains would trap any acquiring company in a web of costly fees and moved up a deadline for nominating new board members, thus reducing the amount of time Oracle has to line up sympathetic candidates.