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Oracle, which has a market value of more than $80 billion, will pay $52 in cash for each Hyperion share, a 21 percent premium over Wednesday's closing price of $42.84.
Oracle has spent more than $20 billion over the past two years on acquisitions of companies such as Siebel and PeopleSoft in search of growth as its core database software market matures. Oracle is the world's biggest database software maker and generates most of its revenue from those products.