PeopleSoft stakeholders split over 'final' offer
PeopleSoft's two biggest stakeholders are at loggerheads over Oracle's 'final' takeover bid.
Capital Guardian Trust, which holds 10% of PeopleSoft shares, is in favour of Oracle’s bid, while Private Capital Management, holding 9.3%, is against the takeover attempt.
And with many shares being held by investors looking to ‘bet’ on the outcome of long-running takeover bid, CGT’s support could tip the balance in Oracle’s favour, one shareholder who supports the bid told the Financial Times.
It is believed that between 25% and 30% of PeopleSoft shares are held by ‘arbitrage’ investors – who bet on the outcome of hostile bids.