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Corporations & securities brief ~ PeopleSoft executives recommend rejecting Oracle bid

[JURIST] In Thursday's corporations and securities law news, PeopleSoft executives have unanimously recommended its shareholders reject Oracle's $8.8 billion hostile takeover bid because the offer was too low. Oracle, upon learning of the news, said it was prepared to walk away from its bid. Read the PeopleSoft press release here and listen to the webcast here. PeopleSoft also has a stockholder presentation here [PDF]. Read the Oracle press release here. AFP has more.

In other news, Delphi Corp. has announced it will postpone a SEC mandated quarterly 10-Q financial report amid a federal investigation into its dealings with with Electronic Data Systems Corp. and another information technology company. Read the Delphi filing stating its reasons for postponment here. AP has more.... Blockbuster Inc., the largest American video store chain, has made an unsolicited $700 million bid to buy its next-largest competitor Hollywood Entertainment Corp. Bloomberg has more.... Intel Corp. has named President Paul Otellinia, a 30-year Intel veteran who made his name overseeing the introduction of the Pentium processor in 1993, as its next chief executive officer. Read the Intel press release announcing the move here. Bloomberg has more.... Nortel Networks Corp., North America's largest telephone-equipment maker, has announced it is postponing releasing its financial restatement and said it overstated revenue by $3.1 billion in 1999 and 2000. Nortel has already taken eight months to restate results as the company reviews massive accounting errors. Read the Nortel press release announcing the delay here. Bloomberg has more.... US Airways reservation agents have voted to authorize a strike if a deal over their contract cannot be reached. Read the press release announcing the agents' intentions here. CNN has more.

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