on Friday announced that it has extended its $19.50-a-share offer for
until Feb. 13, 2004.
The unsolicited offer was previously set to expire on New Year's Eve. This is the fourth time the offer has been extended since it was first made on June 6.
According to Oracle, a total of 12,395,576 shares have been tendered and not withdrawn as of Friday afternoon. That represents about 3% of the 365 million shares of PeopleSoft outstanding.
Early on, as many as 11% of the shares were tendered, but that percentage has dwindled as PeopleSoft's surprisingly strong financial results have kept its share price well above the offer.
PeopleSoft closed at $22.06 a share Friday, off 6 cents, or less than 1%, while Oracle lost 24 cents, or nearly 2%, to close at $13.09.
Early next year, the Department of Justice is expected to rule on the effect the proposed merger would have on the market for application software. Oracle has indicated that it will not go ahead with the takeover attempt if the government threatens to sue.
A spokesman for PeopleSoft said Oracle's extension doesn't change PeopleSoft's view: "The offer undervalues the company and would not be in the best interest of our shareholders," he said.