Oracle still chasing Peoplesoft

Oracle has dug in its heels on the PeopleSoft takeover despite delays and declining shareholder support for the bid.

Oracle in the US said it gave federal antitrust regulators the documents they requested so the regulators could examine the two firms and in the context of potential antitrust issues.

Also, Oracle said it had extended its tender offer from 31 December to 13 February.

The US Justice Department's Antitrust Division is expected to issue an opinion on the acquisition deal in January or February.

Meanwhile, PeopleSoft said its stockholders were 'extremely unlikely' to support the Oracle offer, which PeopleSoft claimed was 'inadequate'.

PeopleSoft said some shareholders had withdrawn their support for the hostile takeover.

Oracle said 12.4 million shares of PeopleSoft had been tendered.

 The target company has more than 370 million shares outstanding.

Oracle had been offering US$19.50 a share for PeopleSoft--about US$7.3 billion total.

The European Union and some US states are also looking at the deal.