Oracle, PeopleSoft Climb on Deal News
Oracle (ORCL ) will acquire PeopleSoft (PSFT ) for $26.50 cash per share in a $10.3 billion deal. Oracle sees the merger adding one cent to fourth quarter earnings (adjusted pro forma), about 8 cents in fiscal 2006, and more in fiscal 2007. Oracle posted second-quarter earnings per share of 16 cents, vs. 12 cents, on a 10% revenue rise. S&P reiterated its hold ranking on PeopleSoft and its buy recommendation on Oracle. Prudential boosted Oracle to overweight.
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