WSJ.com - PeopleSoft's Board Removes Conway as President, CEO "During a conference call with analysts, board member A. George "Skip" Battle said there were "no smoking guns, no accounting irregularities" that led to Mr. Conway's removal. "It was a matter of the board losing confidence in Craig," he said, noting the decision has nothing to do with Oracle's hostile takeover attempt.
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In Friday's statement, the company noted that all five members on the board committee that has unanimously rejected Oracle's offer remain in place."
In other words, the price will go up a bit before they accept, which explains why PSFT is trading above the current Oracle bid price at the moment. Now Oracle is in the power position; it could drop its bid or refuse to negotiate a higher price...
(Note that wsj.com also fixed the very unusual typo in the original article...)
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