Business software maker Oracle Corp. is buying its struggling rival Siebel Systems Inc. for about $5.85 billion, continuing a recent shopping spree that has eliminated two of its biggest competitors in nine months.
Under the terms of the deal announced Monday, Redwood Shores-based Oracle will pay $10.66 per share in cash or stock for San Mateo-based Siebel, a once rapidly growing maker of customer support software that has fallen on hard times during the past three years. The price represents a 17 percent premium from Siebel’s market value entering Monday.
