Wilmington, DE - Oracle CEO Larry Ellison today announced his intention to purchase the state of Delaware for $300 million in cash and Oracle stock. The move comes on the heels of Oracle's bid for rival software firm PeopleSoft, and is the first time that an offer has been made to buy a U.S. territory.
Delaware governor Ruth Ann Minner responded to the bid with shock and seemed certain that the hostile takeover could be avoided.
"Oracle's bid comes as a big surprise to the government and people of Delaware", said Minner at a press conference. "At this point, we are checking into whether or not a company, such as Oracle, can buy a state, and whether or not Delaware is actually for sale."
As one who has driven over Delaware's toll roads and bridges, I see the State as a real source of revenue if handled rightly. I'm just surprised that Warren Buffett didn't see the possibilities first.