February 9, 2006 |
Business software maker Oracle Corp. is expected to announce more than 1,000 job cuts today as it outlines plans to absorb rival Siebel Systems Inc. A person familiar with the plans said the cuts would be revealed during an afternoon conference call with industry analysts. They have been widely anticipated since Redwood Shores, Calif.-based Oracle announced the $5.85-billion acquisition five months ago.
December 30, 2005 |
A judge has dismissed a class-action lawsuit against Siebel Systems Inc., saying investors failed to establish that the company misled them before it disclosed that its Siebel 7 software wasn't selling as well as expected. Shareholders sued San Mateo, Calif.-based Siebel, which makes customer-service software, in federal court in San Francisco more than a year after the July 2002 announcement that sent shares down 21%.
December 23, 2005 |
Oracle Corp., the world's third-largest maker of software, cleared the last hurdle in its $5.85-billion takeover of Siebel Systems Inc. by winning approval from European Union regulators. The U.S. Justice Department approved the deal last month. Chief Executive Larry Ellison is counting on Siebel, the world's No. 2 maker of customer service software, to help expand Oracle's applications sales. Ellison has spent more than $18 billion to buy 11 companies this year, including Siebel.
June 9, 2005 |
Troubled business software maker Siebel Systems Inc. said Wednesday that it would begin paying a quarterly dividend in an effort to placate disgruntled shareholders who want the company to either stop hoarding its cash or sell itself. Chief Executive George Shaheen, who took over at Siebel two months ago in an abrupt shake-up, announced the 2.5-cents-a-share quarterly dividend before the San Mateo, Calif., company's annual meeting.
June 7, 2005 |
Two Siebel Systems Inc. investors, Jana Partners and Providence Capital Inc., plan to withhold votes for Chairman Tom Siebel and two other directors at the annual meeting Wednesday to pressure the company to distribute cash to shareholders or consider a sale. "If things remain the same and they continue to ignore shareholders, they will be on the wrong end of a proxy vote," said Barry Rosenstein, manager of Jana, a hedge fund that is Siebel's No. 6 shareholder.
March 16, 2005 |
Siebel Systems Inc., in the first legal challenge to the government's fair-disclosure rule, said allegations that it gave market-moving information to selected investors should be dismissed because regulators have no enforcement authority. Attorneys for Siebel Systems, the world's largest maker of customer service software, were in U.S. District Court in New York on Tuesday to argue for dismissal of the accusations made by the Securities and Exchange Commission.