Oracle Corp. CEO Larry Ellison shocked the technology world today with news that he plans to make a $5.1 billion offer to buy ERP rival Peoplesoft Inc., according to the company.

The Redwood Shores, Calif., database giant wants to offer Peoplesoft shareholders $16 a share for the company. Peoplesoft was trading at about $15 earlier today. If the acquisition is approved by shareholders and regulators, Oracle would significantly increase its share of the enterprise resource planning market, and no doubt surpass leader SAP AG.

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