Oracle Lowers PeopleSoft Bid

By Deane Barker on May 17, 2004

Oracle lowers PeopleSoft bid to $7.7 billion: After raising the bid twice, (the last time just two months ago — and that coming just four months after saying they weren’t going any higher), they’re now lowering it. I can’t even speculate on the implications of this.

Business software maker Oracle reduced its hostile takeover bid for rival PeopleSoft to $7.7 billion Friday, shaving nearly 20%, or $1.7 billion, from its previous offer to reflect its prey’s wilting market value.