Oracle snaps up Siebel
Published: 12 Sep 2005 14:05 BST
Software maker Oracle has agreed to acquire competitor Siebel in a deal worth around $5.8bn (£3.2bn), the companies said Monday.
Siebel makes software for handling CRM. Oracle said its acquisition will add 4,000 customers and 3.4 million CRM users.
Oracle will offer $10.66 for each share of Siebel stock, a nearly 17 percent premium over the company's $9.13 closing price Friday.
Siebel has been a subject of takeover rumours for a while, particularly since the departure of chief executive Mike Lawrie. Oracle chief executive Larry Ellison included the company in a list of takeover targets during Oracle's contentious battle over the acquisition of PeopleSoft.
Ellison said in a statement Monday that the addition of Siebel's customers will "strengthen our number one position in applications in North America and move us closer to the number one position in applications globally."
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