PeopleSoft to buy back shares
The business software maker announces a $200 million stock buyback plan--a month after it closed a slightly larger stock repurchase.
The company's plan to repurchase stock will bring more shares under its control, as Oracle tries to convince PeopleSoft investors to tender their shares to the database maker.
PeopleSoft shares were down 20 cents to $22.42 in midday trading. Based on that price, the repurchase would represent about 8.9 million shares.
Earlier in the day, European antitrust regulators announced they have suspended their decision on whether to block Oracle's takeover bid.
The stock repurchase program is one of several strategies PeopleSoft can use to lessen Oracle's ability to buy the company. Last month, PeopleSoft completed its stock repurchase of $350 million, or approximately 16.5 million shares.
PeopleSoft already has an antitakeover policy, or "poison pill," in place, which Oracle is seeking to remove via the Delaware Chancery Court.