NEWS DIGEST: A rare multi-billion dollar hostile takeover battle broke out in Silicon Valley yesterday, capping a flurry of deal-making and a sustained stock market rally that have stirred the moribund technology sector back to life.
Mr Larry Ellison, the flamboyant head of software giant Oracle, launched a $5 billion all-cash bid for rival PeopleSoft, thereby casting doubt on a $1.6 billion takeover deal that PeopleSoft had announced earlier in the week.
PeopleSoft president and chief executive Mr Craig Conway described the Oracle move as "atrociously bad behaviour from a company with a history of atrociously bad behaviour".
He added, "Obviously it is a transparent attempt to disrupt the acquisition of J.D. Edwards by PeopleSoft."
PeopleSoft's share price immediately jumped above the value of Oracle's bid, indicating Wall Street's belief that Mr Ellison will have to offer much more than the initial 6 per cent premium to win the battle.
Oracle employs more than 1,000 in Ireland.
Oglesby and Butler cuts 15 jobs
Oglesby and Butler, the Carlow-based manufacturer of electronic instruments, made 15 staff redundant yesterday and said it may cut the same number of jobs over coming months as the weak dollar prompts a slump in US margins.
Chairman Mr Nevin Dowling said revenues from the United States - which accounts for over 50 per cent of sales - were likely to be lower than projected, forcing a pre-emptive cut in overheads. Most of the redundancies were voluntary and a severance package had been agreed, he said.
Should revenues continue to slump, another 15 jobs may be shed in two phases - mid-summer and early autumn.
Oglesby and Butler employs 110 at its Carlow manufacturing plant.
Gallery closure hits Temple Bar
Temple Bar, Dublin's increasingly criticised cultural quarter, sustained a further blow yesterday with the unexpected closure of Designyard, the high-profile commercial art gallery.
Designyard shut its doors shortly after lunchtime, following a meeting of the board of directors.
The closure of the gallery, where Tánaiste Ms Harney launched an exhibition only last month, is believed to have come as a surprise to its six permanent and six part-time workers and to Temple Bar Properties, owner of the three-storey East Essex Street building where it is located.
The demise of Designyard, a Temple Bar landmark since the mid-1990s, is a setback for the quarter, which has struggled to shed its image as a haunt for stag parties
DCC chief gets €70,000 pay boost
DCC boosted chief executive Mr Jim Flavin's salary by over €70,000 this year.
The company's annual report, published yesterday, showed he received a total of €910,000 in salary, fees, bonus and pension contributions for the year to March 31st.
His salary and director's fees came to €726,000, up from €653,000 last year. His total package for the year increased by €20,000, as the company cut his pension contributions from €172,000 in 2002 to €117,000 this year.
Mr Kevin Murray, managing director of DCC's energy and food divisions, got the biggest pay rise during the year. His total package increased €120,000 from €410,000 to €530,000.
BofI director buys 10,000 shares
Bank of Ireland non-executive director Mr Richard Burrows has bought 10,000 shares in the bank at €10.90-€11.20 per share. The purchases, made between May 26th and June 6th, bring his total shareholding to 44,746 shares or 0.004 per cent of the total.
