Oracle Extends Offer, Seeks Expedited Takeover

Oracle holds 89.4%, or 357,684,588 shares, an Oracle spokesman said Tuesday. Its offer was set to expire at 8 p.m. Tuesday, but has been extended to 8 p.m. Thursday.

"If at least 90% of the outstanding shares of PeopleSoft have been tendered before the expiration of the subsequent offering period, Oracle will carry out an expedited second-step merger, as permitted by Delaware law," the company said in a statement. The price of the extended offer is the same as Oracle's offer for PeopleSoft stock announced Dec. 13, $26.50 per share.

Shares tendered may not be withdrawn, and an Oracle spokesman said the offering may be extended again, if necessary.

PeopleSoft in 2003 conducted an expedited merger with J.D. Edwards by purchasing more than 90% of its stock. That acquisition added at least $1 billion to the price of PeopleSoft because it issued more shares of common stock to cover the merger. Oracle started out offering $5.1 billion for PeopleSoft and ended up paying $10.3 billion.