主题：【IT风云】面对甲骨文的＄24收购价，管理层说太低，股东们呢 -- 西风陶陶

PSFT (PSFT) 22.74: Oracle's quest to get more than half of PeopleSoft's holders to tender their shares at ORCL's $24 bid won't be a slam dunk. Sanford Bernstein software analysts told us that about 40% of PeopleSoft shares are highly unlikely to be tendered. No insiders (10.4% ownership) are expected to tender, and most index funds (9.1% ownership) are UNABLE to tender. Retail investors own 20.9%, Bernstein notes, and a lot of them won't bother. So the battleground, it says, is among the remaining 59.6% of institutional investors, not counting index funds. Non-index holder Private Capital Management (P.C.M.) has already said it doesn't plan to tender its shares, representing about 9.3% of PeopleSoft's shares outstanding. So assuming that P.C.M., along with PeopleSoft founder David Duffield, 75% of insiders, and 60% of retail investors don't tender, that means ORCL must get 80% of remaining holders to sell shares by midnight on Nov. 19 to meet its goal. Note that Oracle is threatening to walk away from its 17-month fight for the deal unless more than half of PSFT holders tender. Briefing.com Note: PeopleSoft continues to trade just $1.26 off the offer price, but the stock could slide from current levels if not enough holders sell to Oracle.