Yahoo/Reuters: Fannie Mae Ousts CEO, CFO Over Accounting. U.S. mortgage finance giant Fannie Mae dismissed Chief Executive Franklin Raines and Chief Financial Officer Timothy Howard after accounting errors that will force a massive earnings restatement, sources said on Tuesday.
Forbes/AP: Secure Computing President Steps Down. Secure Computing Corp., a maker of network security products, said Monday that president and chief operating officer Timothy P. McGurran has resigned as a director and has been removed as an officer of the company, effective immediately.
eWeek: Oracle to Buy PeopleSoft for $10.3 Billion. It’s an early Christmas for Oracle Corp.–and PeopleSoft Inc. shareholders. The two companies announced early Monday morning a definitive merger agreement whereby Oracle will acquire PeopleSoft for $26.50 per share, or $10.3 billion. The final buying price is $2.50 per share, or about $1.2 billion, over Oracle’s “best and final offer” from last month.
So, the “best and final offer” ended up being just the “second to best and final offer.” Luckily, for PeopleSoft shareholders, they didn’t accept the second to best offer. I’ve posted the Agreement and Plan of Merger between PeopleSoft Inc. and Oracle Corp. on the web site for those interested in the full details..
Reuters: Army Rushes to Harden Iraq-Bound Vehicles. The army is seeking more production of the most fully armor-protected “Humvee” military vehicles, defense officials said on Friday, after a soldier’s complaint to Defense Secretary Donald Rumsfeld that troops had to use scrap metal to protect vehicles in Iraq. U.S. Army Secretary Francis Harvey “has been on the telephone personally today” with Armor Holdings Inc., a Jacksonville, Florida, company that is the Army’s sole supplier of the most heavily armored Humvee models, one official said.
Armor Holdings contracts are on the web site. Mostly employment agreements though.