PeopleSoft wants to buy back more shares
Published: 13 Jan 2004 14:30 GMT
PeopleSoft, which is fighting a hostile takeover attempt by Oracle, announced on Monday a $200m (£108m) 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 had suspended their decision on whether to block Oracle's takeover bid.
The stock-repurchase programme 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 $350m, or approximately 16.5 million shares.
PeopleSoft already has an anti-takeover policy, or "poison pill," in place, which Oracle is seeking to remove via the Delaware Chancery Court.
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