Oracle to Purchase Siebel for $5.85bn

Oracle Agrees to Buy Siebel for $10.66 a Share : "REDWOOD SHORES, Calif., 12-SEP-2005 Oracle Corporation (Nasdaq: ORCL) announced today that it agreed to buy Siebel Systems, Inc (Nasdaq: SEBL) for $10.66 per share. The offer is valued at approximately $5.85 billion, or $3.61 billion net of Siebel's cash on hand of $2.24 billion.

"In a single step, Oracle becomes the number one CRM applications company in the world," said CEO Larry Ellison. "Siebel's 4,000 applications customers and 3,400,000 CRM users strengthen our number one position in applications in North America and move us closer to the number one position in applications globally."

"Today is a great day for Siebel Systems' customers, partners, shareholders, and employees," said Thomas M. Siebel, Chairman of Siebel Systems. "The combination of Siebel applications with the development capacity of Oracle to enhance our CRM product set assures our customers continuing success. This is a very beneficial business combination that will allow us to be even more effective in delivering high quality, leading edge solutions into the hands of satisfied customers."

"This is a customer driven event. Our joint customers have consistently recommended this transaction to both companies for over a year," said Oracle President Charles Phillips. "We will embrace Siebel's best-in-class CRM products and make the features of those products the centerpiece of our Project Fusion CRM."" See also CNET News.com, ZDNet and CNN.

Oracle to Purchase Siebel for $5.85bn December 28, 2005 Mark Rittman

Oracle to Purchase Siebel for $5.85bn
December 28, 2005
Mark Rittman