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Siebel Systems (SEBL ): Reiterates 2 STARS (sell)
Analyst: Jonathan Rudy, CFA, Zaineb Bokhari

In an 8-K filed on May 26, Siebel disclosed that its compensation committee had approved an employee retention program that it expects will help stave off departures resulting from market speculation about a potential takeover of the company. To us, this program reads like an anti-takeover defense. We have concerns about Siebel's corporate governance practices owing to its takeover defenses, among other factors. In our view, this program adds to our concerns. With disappointing execution and recent management turnover, we would sell Siebel shares.
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