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.

Register or login for access to this item and much more

All Information Management content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access