RE: CEO resigns before takeover.

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Larscot

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RE: CEO resigns before takeover.

posted on Dec 29, 2004 05:31AM

PSFT was a target of Oracle over a year ago as part of a hostile takeover. Ellison wanted certain parts of a company, and proposed a merger, which was declined. There had always been bad blood between the CEO at PSFT and Ellison at Oracle. Ellison decided to push the issue and state that if they didn`t agree to the merger, it would be hostile. PSFT tried to repel the hostile attempt, but recently resigned itself to the eventuality, as Oracle now owns over 75% of PSFT stock, and is now going after 4 board seats.