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VOL. 117 | NO. 119 | Thursday, June 19, 2003

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Oracle boosts PeopleSoft takeover bid

Oracle boosts PeopleSoft takeover bid

Oracle Corp., the No. 2 U.S.-based global software maker, Wednesday sweetened its hostile cash bid for PeopleSoft Inc. by 22 percent to about $6.3 billion, the latest escalation of a vitriolic acquisition battle.

The new, unexpected bid of $19.50 a share compares to the original offer of $5.1 billion, or $16 per share, which PeopleSoft rejected.

The new offer by Redwood Shores, Calif.-based Oracle is a nearly 14 percent premium over PeopleSofts $17.15 Tuesday closing price on the Nasdaq stock market.

Pleasanton, Calif.-based PeopleSoft had been preparing a friendly merger with smaller rival J.D. Edwards & Co. before Oracle launched its offer.

The J.D. Edwards merger would let PeopleSoft surpass Oracle in the market for such business applications as accounting, purchasing and human resources.

Oracle said it planned to file a lawsuit in Delaware Wednesday to rescind that merger.

The sweetened Oracle bid comes two days after PeopleSoft revised its original all-stock offer for J.D. Edwards to a combined cash and share deal that would allow the merger to be completed before Oracle could convince PeopleSoft shareholders to accept its hostile takeover.


Leadership Institute

chooses 2004 class

The Leadership Institute of Memphis announced the 2004 Class of Leadership Memphis.

Beginning in September, the 65 class members will meet monthly to learn about community issues and create strategies for solving them. Using the theme Servant Leadership: Freedom to Impact, the class will study topics including neighborhoods, community building, health care, race relations/diversity, environment, education, government, economy and media.

During their class year, members will develop and implement group projects beneficial to the Memphis community.

The class includes a diverse group of top business executives and administrators in the public and private sectors and community organizations. Participants are chosen in a rigorous process based on their demonstrated and potential leadership, interest in community affairs and ability to have an impact on Memphis.

Since the programs founding 25 years ago, more than 1,250 individuals have graduated from Leadership Memphis.

Members of the 2004 class are: Sudhir Agrawal, financial adviser with American Express Financial Advisors; Mary Bauernfeind, pulp business division president at International Paper; Dr. Bettina Beech, University of Memphis assistant professor of psychology; Kathy Bingham, community relations manager at BlueCross BlueShield of Tennessee; Wendy Blackledge-Ellis, U.S. District Courts director of case processing; Randi Blumenthal-Guigui, youth partnership development, Memphis Shelby Crime Commission; Gwen Bonner, Saint Francis Hospital vice president of diagnostic/support services; the Rev. Tyronda Burgess, Memphis Leadership Foundation chief administrative officer;

Steve Burkett, UT Medical Group president and chief executive officer; Elaine Burks-Christian, The Work Place president and chief executive officer; Belinda Campbell-Dorsey, financial representative/independent contractor with Northwestern Mutual Financial Network; Deborah Carpenter, owner of Custom Springs Inc.; Kimberley Carter, Coastal Securities LP vice president of public finance; Michael Ching, director of Opera Memphis;

Robert Clark, St. Jude Childrens Research Hospital administrative director/chief medical officer; Mary Day, Tradewind Group president; Bobby Doxey, Union Planters senior executive vice president; Donald Dyer, KIPP Diamond Academy principal/founder; Frank M. Dyer III, Loeb Properties Inc. senior vice president; Rebecca Edwards, Cultural Development Foundation of Memphis president and chief executive officer; the Rev. Dwight Fryer, FedEx Corp. manager of U.S. marketing;

Alfred Green, Johnson Bryce Inc. president and chief operating officer; Lt. Col. Randy Hammond, Morgan Keegan senior vice president; Dr. Ric Hovda, University of Memphis dean of the college of education; Dr. Xiangen Hu, University of Memphis associate professor of psychology; Myron Hughes, Center City Commission vice president for planning and development; Rosalva Medina de King, V.I.S.A. Inc. president; Bruce Langsen, ILS Inc. president; Marilyn Ligon, Memphis Botanic Garden executive director; Gary Macko, WMC-TV general sales manager; Kim MacQueen, Junior League of Memphis president-elect; Richard Mathauer, Memphis Business Journal advertising director;

Gregory Mathis, Methodist Le Bonheur Healthcare operations manager; Jeryl Mitchell, FedEx Freight vice president of human resources; Elizabeth Moore, Memphis city auditor; Jack R. Muhs, FedEx Express vice president of global operations, scheduling and control; Susan Nash, Second Presbyterian Church program executive; Christine Nearn, Lakeside Behavioral Health director of human resources; Charlie Nelson, Metropolitan Inter-Faith Association program executive for volunteer services; Chuck Newell, First Tennessee Banks Mid-South market president; DeShandra Odom, American Cancer Society community advocacy director;

Dena Owens, Center City Commission marketing manager; the Rev. John Pasley, Martin Temple Memorial CME senior pastor; Joshua Poag, Poag & McEwen Lifestyle Centers chief financial officer; Jane Ellen Rawdon, Hilton Hotels director of franchise systems development; Joy Richmond, First Tennessee Bank vice president for community real estate; Tammie Ritchey, Girls Inc. director of development; Bathsheba Sams, International Paper director of human resources; David Schlitt, a partner with Ernst & Young; Todd Sellers, Deloitte & Touche senior manager of tax services; Kathy Simonetti, Memphis/Shelby County Humane Society executive director; Bernal Smith, Memphis Regional Chamber vice president of existing business services;

Paulette Smithers, Orpheum Theatre executive vice president of operations; Keith Traster, Cingular Wireless director of sales for the West Tennessee district; Peggy Troy, Le Bonheur Childrens Medical Center president; Dr. Darryl Tukufu, Memphis Urban League president and chief executive officer; Patricia Turner, Methodist Healthcare vice president of operations; James Turpin, Clear Channel TV Memphis news director; Keith VanderSteeg, president of the Memphis region of BancorpSouth; Chantal Veevaete, Accredo Health vice president of human resources; David Waddell, Waddell and Associates senior investment strategist; Dr. Bobby Webb, Shelby County Schools superintendent; Dr. Sharon Wheeler, Partners in Public Education program director; Sam White, United Way senior vice president of finance; and Dr. James Wingate, LeMoyne-Owen College president.


PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751