Friday, October 01, 2004

[Updated] WSJ.com - PeopleSoft's Board Removes Conway as President, CEO

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.
...
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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