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Oracle sets new deadline on PeopleSoft bid

Oracle has again pushed back the expiration date on its offer for PeopleSoft stock.

Oracle has extended the deadline for PeopleSoft investors to tender their shares in its hostile bid to acquire its business software rival--the 11th extension of the offer since Oracle launched the bid more than 15 months ago. The $7.7 billion offer, which was set to expire on Friday, is good through Oct. 8, Oracle said on Thursday. The deal offers $21 for each share of PeopleSoft stock, which closed on Thursday at $19.25 a share.

Oracle, which recently won an antitrust suit over the proposed merger, said PeopleSoft stakeholders have sold about 23.8 million shares to Oracle. The company must still clear a number of merger hurdles, including a review of the deal by European regulators, a possible appeal of the U.S. antitrust ruling, a PeopleSoft lawsuit and a PeopleSoft shareholder rights plan that dilutes any unwelcome bidder's holdings once it acquires more than 20 percent of the company's shares.