Oracle to acquire Siebel for USD 5.85bn

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Oracle to acquire Siebel for USD 5.85bn

By | October 29, 2018

Tuesday, September 13, 2005

US-based Oracle Corporation announced earlier today that they are buying rival US-based Siebel Systems for $10.66 USD per share. Siebel shareholders have the option to receive the $10.66 per share in cash or in Oracle stock. This deal is valued at approximately $5.85 billion USD. Siebel Systems’ Board of Directors has already voted in favour of the acquisition. Founder Thomas Siebel has also given his support. A special meeting will soon be held for Siebel stockholders to vote on the acquisition. If all goes well the deal should close in the early part of next year.

After acquiring Siebel; Oracle, which specializes in database applications, will become the second largest software company. Oracle has offices in more than 145 countries, and employs over 50,000 people. This acquisition will make Oracle the largest customer relationship management (CRM) applications company in the world. CRM applications include accounting, inventory management and customer management software. “Siebel’s 4,000 applications customers and 3,400,000 CRM users strengthen our number one position in applications in North America and move us closer to the number one position in applications globally”, said Oracle CEO Larry Ellison.

“Today is a great day for Siebel Systems’ customers, partners, shareholders, and employees,” said Thomas M. Siebel, Chairman and Founder of Siebel Systems. Many analysts predicted the acquisition of Siebel after Oracle bought competitor PeopleSoft for $10 billion USD, last December.

Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled

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Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled

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Buffalo, N.Y. Hotel Proposal Controversy
Recent Developments
  • “120 year-old documents threaten development on site of Buffalo, N.Y. hotel proposal” — Wikinews, November 21, 2006
  • “Proposal for Buffalo, N.Y. hotel reportedly dead: parcels for sale “by owner”” — Wikinews, November 16, 2006
  • “Contract to buy properties on site of Buffalo, N.Y. hotel proposal extended” — Wikinews, October 2, 2006
  • “Court date “as needed” for lawsuit against Buffalo, N.Y. hotel proposal” — Wikinews, August 14, 2006
  • “Preliminary hearing for lawsuit against Buffalo, N.Y. hotel proposal rescheduled” — Wikinews, July 26, 2006
  • “Elmwood Village Hotel proposal in Buffalo, N.Y. withdrawn” — Wikinews, July 13, 2006
  • “Preliminary hearing against Buffalo, N.Y. hotel proposal delayed” — Wikinews, June 2, 2006
Original Story
  • “Hotel development proposal could displace Buffalo, NY business owners” — Wikinews, February 17, 2006

Wednesday, July 26, 2006

Buffalo, New York –The preliminary hearing for a lawsuit against the Elmwood Village Hotel proposal has been pushed back to August 10, 2006.

The hotel would require the demolition of at least five properties owned by Hans Mobius, 1109-1121 Elmwood and would cause the closure of several businesses. Already, two businesses, Skunk Tail Glass and Six Nations Native American Gift Shop have relocated, outside the Elmwood Strip. Don apparel, H.O.D. Tattoo and Mondo Video still remain on Elmwood; however, Mondo Video is planning on moving to a new location. The hotel will be 72 rooms and will cost at least 7 million dollars to build. Savarino Construction Services Corporation would be in charge of building the hotel and Wyndham Hotels would operate it.

Attorney Arthur Giacalone says that the court date was pushed back because “the court apparently felt it did not make sense to proceed with oral argument on 7/27 if Savarino is going to re-start the process.” Giacalone also stated that the decision to adjourn until August 10 “was not my idea.” On July 13, 2006 Savarino announced that they were withdrawing the proposal to “resubmit” it to “shed the lawsuits” against the proposal.

Savarino was allegedly supposed to resubmit the proposal by the end of last week but so far has not done so. The final meeting of Buffalo’s Common Council for the summer occurred today. The Council will not meet again until September.

“If they [Savarino] took no action today, re the hotel, [that is, accepting the new application, or rescinding the prior rezoning resolution], nothing official will happen for the next 6 weeks or so,” added Giacalone also saying that if this is the case, “the court may not be willing to hear oral argument on 8/10 since we will still be up in the air about what’s going on.” Giacalone also states that he is unsure about “what they [the Common Council] did today.”

Despite the call for a “do-over” of the proposals process, Giacalone still states that his client’s position of the “pending lawsuit will not be ‘moot’ or ‘academic’ unless and until the Common Council rescinds its prior vote(s) that approved the rezoning” for the buildings on Elmwood and one property on Forest Avenues.

Sam Savarino, CEO of Savarino Construction has been contacted, but has not replied to any e-mails. Area councilman Joseph Golombeck has also been e-mailed, but also has not replied.

This article features first-hand journalism by Wikinews members. See the collaboration page for more details.
This article features first-hand journalism by Wikinews members. See the collaboration page for more details.