Oracle will not raise PeopleSoft bid

NEWS Oracle is unlikely to raise its $7.25bn unsolicited bid for rival PeopleSoft according to one senior company executive. Questioned during a press briefing at the OracleWorld conference, Oracle executive vice president Chuck Phillips told reporters that "it wouldn't make sense" for Oracle to raise its $19.50-per-share offer while awaiting regulatory clearance. The company doesn't expect a decision from the US Department of Justice, which is reviewing the deal, until sometime in October or November. Regulators in the European Union and Canada are also looking at the deal. The offer price has become the subject of speculation recently as PeopleSoft's stock has climbed over the past week, making Oracle's offer less appetising to PeopleSoft investors. With Wall Street optimism building over PeopleSoft's merger with J.D. Edwards, PeopleSoft's shares closed at $18.43 Wednesday. Phillips said he's confident Oracle will clear the antitrust hurdle, and he predicted that cracks in PeopleSoft's merger with J.D. Edwards will eventually begin to show, increasing shareholder support for Oracle's offer in the end. "Time will be on our side," Phillips said, echoing comments made by Oracle Chief Executive Larry Ellison in July. Oracle's offer is set to expire on 17 October, but the company has indicated that it's willing to extend it. Alorie Gilbert writes for News.com