Oracle Says DOJ Decision Will Be Later Than Thought - TheStreet

Oracle Says DOJ Decision Will Be Later Than Thought

The ruling on the PeopleSoft offer may not come until December, a month longer than anticipated.
Author:
Publish date:

A Department of Justice decision on whether to give a green light to

Oracle's

(ORCL) - Get Report

hostile takeover bid for

PeopleSoft

(PSFT)

may not come until December, a month later than previously estimated, an Oracle executive said Thursday.

Chuck Phillips, an executive vice president at Oracle, said it will be late November, maybe even December, before DOJ officials make a decision on whether the acquisition would satisfy antitrust rules. He was speaking to investors at a Webcast event hosted by Banc of America Securities. Phillips said the company had just had an update call with the DOJ Thursday.

Previously, Oracle had estimated the DOJ would act in November on its $19.50-a-share bid on PeopleSoft.

"We still believe if we can get approval on the deal, everything else is doable," Phillips added. He reiterated that the battle could linger on until next summer.

Shares of Oracle fell 30 cents, or 2.4%, to close Thursday at $12.33. Shares edged up to $12.36 in after-hours trading. PeopleSoft shares were down 8 cents, or 0.4%, to close at $20.60. They rose to $20.62 in after-hours trading.