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Corporations & securities brief ~ Oracle, PeopleSoft fight for outstanding shares

[JURIST] In Tuesday's corporations and securities law news, Oracle's hostile bid for PeopleSoft Inc. has not been defeated as top shareholders in PeopleSoft are split on whether to accept the bid. Capital Guardian Trust Co. will tender its 10% stake to Oracle while Private Capital Management LP will not vote its 9.3% stake because PeopleSoft may be worth more. Oracle which will pull its offer on November 19 says 70% of PeopleSoft shares are up for grabs. Oracle has more on its offer for PeopleSoft here. Bloomberg has more.

In other news, Fannie Mae missed a regulatory filing deadline as the mortgage giant's outside auditor KPMG refused to sign off on its third-quarter earnings report. Read the Fannie Mae press release here. AP has more.... Hollinger International Inc. will sell The Jerusalem Post to Israeli media company Mirkaei Tikshoret Group Ltd. for $13.2 million. Canada's largest newspaper publisher, CanWest Global Communications Corp., will take a 50 percent interest in the newspaper as part of the deal. Read the CanWest press release here. AP has more. In other Hollinger news, Conrad Black's company Ravelston is attempting to buy out Hollinger and take the company private. Reuters has more.... Enron's bankruptcy proceedings are likely to cost up to $1 billion in legal fees. The Billings Gazette has more.... Two Merrill Lynch analysts, who had been put on paid administrative leave for writing that J Sainsbury had told them that their forecasts in the food retailing sector were too high, returned to work after being cleared by an internal review. The Financial Times has more.... A flight attendant union is calling for a nationwide strike by its members over what they feel is a concerted effort by airline management to wipe out union contracts and deprive employees of their livelihood. The strike could affect up to 26 airlines including US Airways. The Washington Business Journal has more.... The boards of French defense company Thales SA and European aerospace consortium EADS have not submitted merger proposals despite reports the French government wants EADS to take over Thales which in effect would create a rival to Boeing Co. AP has more.... Walt Disney Co. Chief Executive Michael Eisner testified in a shareholder suit over the severance package paid to former president Michael Ovitz. Eisner testifed that he reviewed Ovitz's employment agreement with the full board of directors. Courtroom Connect has coverage of the shareholder trial here. AP has more.... As previously reported on JURIST's Paper Chase, A federal judge has refused to overturn the fraud and conspiracy convictions of Adelphia Communications founder and former chairman John Rigas and former CFO Timothy Rigas. Bloomberg has more.

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