Business software manufacturer Oracle has increased its offer price to $24 per share in its hostile takeover bid for smaller rival, PeopleSoft, in an attempt to bring the long running dispute between the two companies to an end.
Last month, the European Commission announced that it had cleared the proposed merger, arguing that the market for for “high-function” HR (human resources) and FMS (financial planning and reporting) software will remain competitive even if Oracle is successful in its takeover bid.
This followed the dismissal by the US courts earlier this year of antitrust concerns regarding the merger which were expressed by the Department of Justice.
Although court proceedings are still pending in the United States regarding PeopleSoft's "poison pill" anti-takeover provisions (which would be triggered if a certain percentage of shares is acquired by any one bidder, and would raise the takeover price to a prohibitive level), observers suggested last month that if Oracle raised its offer price to a level acceptable to PeopleSoft, the latter might remove the measures, allowing a merger to proceed on a friendly basis.
Oracle has set a November 19 deadline for the amended offer, and revealed that this latest attempt represents its "best and final offer".
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