NEW YORK ? Technology stocks leaped on Wall Street Monday after PeopleSoft agreed to be acquired by rival Oracle for $10.3 billion.
On the Nasdaq Stock Market, Oracle climbed $1.20, or 9 percent, to $14.48, while PeopleSoft rose $2.47, or 10 percent to $26.42 after Oracle agreed to buy PeopleSoft for $26.50 a share in cash, or $10.3 billion. Oracle’s offer represents an 11 percent premium on PeopleSoft’s Friday closing price of $23.95 a share.
The deal – a $2.50 boost to Oracle’s last offering price – has the approval of the board of both companies and should close by early January, the Wall Street Journal reported.
In early morning trading, the Nasdaq Composite Index gained 10.60, or 0.5 percent, to 2138.70. Morgan Stanley’s high-tech index added 5.40 to 499.10.
