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Oracle Ups Ante For PeopleSoft To $9.4 Billion

Oracle raised the stakes on its bid to buy PeopleSoft to $26 per share, or about $9.4 billion.

In a statement issued early Wednesday morning, Oracle said the new offer represents an 18.8 percent premium over PeopleSoft's closing price of $21.89 per share on Tuesday. Oracle had been offering $19.50 per share, or $7.3 billion, in an acquisition attempt announced last June -- a move that PeopleSoft has fought bitterly ever since.

Oracle's latest offer faces antitrust approval from the U.S. Department of Justice before March 12. Oracle also extended its tender offer until midnight E.S.T. of that day. It had been set to expire this Friday at midnight E.S.T.

"We believe this acquisition is pro-competitive, will benefit the customers of both companies and will make Oracle an even more profitable company," Oracle CEO Larry Ellison said in a statement.

Oracle has upped its bids several times since June, but this time company seemed to close the doors to continued hikes.

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