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17 Months Later, Oracle Makes "Absolute' Final PeopleSoft Bid; Raised To $24/Share From $21; Many analysts calling latest proposal probably the most likely to wed longtime rivals.(INTERNET & TECHNOLOGY)
Byline: J. BONASIA
Oracle raised the stakes Monday in its long battle to buy PeopleSoft by sweetening its offer to $24 a share from $21, or to $9.2 billion from $7.7 billion.
Many Wall Street analysts said the time was right for Oracle to put up or shut up.
The new offer comes 17 months after Oracle launched a surprise bid to buy its rival and six days after the European Commission cleared the last big regulatory hurdle for the possible merger.
Oracle on Monday also said it would retain a team of programmers at PeopleSoft's campus in Pleasanton, Calif.
That staff would build the next generation of PeopleSoft products for existing customers. Analysts called this unexpected news an attempt to soothe PeopleSoft's base of loyal customers and employees.
"Oracle is trying to force PeopleSoft's hand a bit," said Drew Brosseau of SG Cowen Securities.
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