Some 60% of shares have been tendered in favour of Oracle’s $9.2bn (£4.96bn) bid for the company over the weekend, Oracle revealed.
‘The owners of PeopleSoft have spoken and have overwhelmingly chosen to sell to Oracle at $24 per share,’ said Oracle CEO Larry Ellison.
However, the PeopleSoft board has reiterated its view that the offer is ‘inadequate’ and the company is worth ‘much more than the $24 per share offer’.
‘Based on the numerous conversations we have had with our largest stockholders over the past 10 days, the board believes that a majority of our stockholders agree that $24 offer is inadequate and does not reflect PeopleSoft’s true value,’ said George ‘Skip’ Battle, chairman of PeopleSoft’s transaction committee.
Oracle has extended its tender offer until 31 December 2004.
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