ORACLE PURCHASE GIVES BIG BOOST TO STOCK PRICE
By Chris O'Brien
Mercury News
There's nothing like news that a company is being sold to send its stock through the roof. Just ask Hyperion Solutions.
On March 1, Oracle announced it would pay $3.3 billion in cash to acquire the Santa Clara-based maker of business intelligence software. That works out to $52 a share, a big premium over the $42.84 the stock had closed at the previous day.
When the market closed after the announcement, the stock had jumped 20.4 percent to $51.57.
That jump proved to be good timing for two insiders at Hyperion who sold stock that same day, under prearranged trading schedules known as 10b5-1 plans.
Robin Washington, Hyperion's chief financial officer, sold 5,000 shares March 1 at a price of $51.75 per share to collect $258,750. By comparison, Washington sold 7,400 shares Feb. 23 for $45 to collect $333,000. Washington, who joined Hyperion in January 2006, still holds 24,253 shares that could be worth $1.26 million when the deal with Oracle closes.
Read more here.
Monday, March 12, 2007
Insiders: Execs cash in on Hyperion's sale
Posted by Chris O'Brien at 6:39 PM
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