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Oracle spends $48 million in PeopleSoft bid

In a quarterly SEC filing, the databse giant says it has spent nearly $50 million pursuing its hostile takeover bid for rival PeopleSoft.

In a quarterly filing with the Securities and Exchange Commission on Wednesday, Oracle said it has spent nearly $50 million pursuing its hostile takeover bid for rival PeopleSoft. In its filing, Oracle said, "We have incurred approximately $48.4 million of expenditures as of Feb. 29, 2004, associated with our tender offer for PeopleSoft." Oracle made a hostile bid for PeopleSoft in June 2003 valued at about $5.1 billion. In February the bid was raised to $26 per share, or $9.4 billion.