The chief executive of Dublin-based Sybase said Monday that if the $5.8 billion deal by German software company SAP to acquire the company goes through as he expects, more jobs, not fewer, will be created.
“The current thinking is I don’t expect anything but growth in terms of head count,” said John Chen, CEO of Sybase. “We definitely don’t expect a reduction.”
Today there are about 3,870 employees with Sybase worldwide with 615 Sybase employees at its headquarters in Dublin.
The deal has already been unanimously approved by Sybase’s board of directors and now will go through the regulatory approval process. If all goes as planned, it is expected to close during the third quarter of this year.
“It’s not easy for others to put a bid on Sybase, so I think it will go through without a problem,” said Trip Chowdhry, analyst at Global Equities Research. “It makes a lot of sense for SAP to acquire Sybase.”
Also Monday, an investor filed a lawsuit in California Court stating that it felt the $65-per-share price was too cheap, calling it “unfair and grossly inadequate,” according to the Shareholders Foundation. Shares of Sybase continue to trade close to the offer price. On Monday, shares closed at $64.12, up 8 cents. The fact the price hasn’t risen about the offer price generally indicates that no other bids are expected.
Chen, however, said contrary to the share-price lawsuit, he had been getting congratulatory messages since the deal was announced from shareholders cheering the deal.”For my shareholders, they are getting a premium on a stock that because of the deal didn’t just reach a 52-week high, but a 12-year high,” Chen said. “It would have been irresponsible of me to my shareholders to not take this deal.”
Chen said that the mobile platform that Sybase brings to the table is the main attraction for SAP.
The silver lining for Sybase is that it will retain its core management, including Chen, and still operate as a stand-alone unit under the name “Sybase, an SAP Company.”
Chen said no specifics on how the how the two will leverage each other will be discussed until the deal is complete.
“It’s a little bittersweet, because it’s kind of like marrying your child,” he added. “My heart aches a little bit, but my brain knows we’re doing the right thing.”
HAYWARD — Organizers of a planned charter high school in Dublin on Tuesday got a cold reception from the Alameda County board of education. Board members will decide June 22 if the school should be allowed to open. The school plans were rejected earlier by the Dublin school board, and the county is deciding on the organizers appeal of that ruling.
a public hearing was heard on appeal by the county.
County office staff members are analyzing the organizers’ petition to make a recommendation. If denied by the county, it can be appealed to the state Department of Education.
During Tuesday’s meeting, county board member Ken Berrick asked if the lack of supporters attending was either a lack of support from the community, or because organizers believed they would just be going to the state for approval.
“I would lean toward the latter, to be perfectly frank,” said Bill Batchelor, chief operating officer of the Tri-Valley Learning Corporation. Batchelor said more than 100 potential students are interested, which he said shows high interest considering the school isn’t planned to open until fall 2012. He said it has been hard to get supporters to attend meetings because of the strong organized opposition.
Tuesday’s discussion started off badly for charter organizers, with trustee Marion McWilson asserting the school would take away resources from the Dublin school district.
Trustee Jacki Fox Ruby said teachers at the proposed school would not get due process because there would be no union. Trustee Yvonne Cerrato doubted the school would have ethnic and socioeconomic demographics reflective of the Dublin community.
Opponents showed up in force to Tuesday’s public hearing, with students, parents and several top district Dublin school district administrators attending. About a dozen wore red T-shirts showing their support for existing Dublin High. “This charter school is not needed. It is not wanted, and it has been unnecessarily divisive to our community,” said Dublin schools Superintendent Stephen Hanke. Hanke made a presentation to county trustees with Dublin school board President David Haubert and Dublin High Principal Carol Shimizu.
The charter school would have a maximum 864 students. Supporters say the city should have an alternative to Dublin High, the city’s only comprehensive high school. Initially, the school would operate in an existing district facility, but organizers hope to eventually secure a permanent location in east Dublin. The existing high school is on the west side.
Opponents fear a charter school would drain state enrollment funding from the district. Charter schools are public and receive money from the state based on enrollment, just as district schools do. They say a healthy number of students are needed at Dublin High to maintain quality programs, and they worry two high schools would split the student population. They have also noted Dublin High’s improvements, such as rising standardized test scores and major renovations.
