IoT
Software // Enterprise Applications
News
12/30/2003
12:44 PM
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Oracle Adds More Funding For PeopleSoft Push

It has negotiated a $1.5 billion line of credit and says it has enough financial resources on hand to close the deal.

Oracle has raised another $1.5 billion to fund its $7.5 billion hostile takeover bid for PeopleSoft.

In a filing with the Securities and Exchange Commission, Oracle said it has negotiated the $1.5 billion line of credit with ABN Amro Bank NV, Credit Suisse First Boston, and other lenders. Oracle said it had enough financial resources on hand Nov. 30 to complete the deal--$8.1 billion.

Earlier, Oracle had extended the deadline for its initial offer from Dec. 31 to Feb. 13, 2004. PeopleSoft has been resisting the hostile acquisition bid and says it's confident it will ward off the unsolicited tender offer.

The takeover bid has been delayed as antitrust regulators in Europe and the United States examine the issue.

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