Oracle Reduces Bid for Rival PeopleSoft
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Business software maker Oracle Corp. reduced its hostile takeover bid for rival PeopleSoft Inc. to $7.7 billion, shaving $1.7 billion from its previous offer to reflect its prey’s wilting market value.
Oracle revised its nearly year-old bid for Pleasanton, Calif.-based PeopleSoft to $21 a share, reversing from the $26 a share, or $9.4 billion, that had been on the table.
Oracle attributed its decision to PeopleSoft’s declining stock, which has plunged 24% this year. Before Oracle disclosed its revised bid, PeopleSoft’s shares fell 31 cents to $17.30 on Nasdaq. In after-hours trading, the shares declined 30 cents further. Oracle’s shares fell 20 cents to $11.60, also on Nasdaq.
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