Oracle, the world's No. 2 software maker, said on Friday it offered to buy rival PeopleSoft for $5.1 billion, a move designed to bolster its flagging position in business software programs. The deal signals the growing readiness by software executives to consolidate the struggling sector as corporate spending on technology has waned amid the slumping economy.
Oracle said it would bypass management and go directly to shareholders on Monday with a cash offer of $16 a share, a 6 percent premium over PeopleSoft's closing price of $15.11 in Thursday's Nasdaq trading.
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