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Java Industry News Sun’s Largest Stockholder Sells Out Early
Southeastern Asset Management didn’t wait around to collect Oracle’s $9.50 a share
By: Maureen O'Gara
Apr. 24, 2009 02:00 PM
Southeastern Asset Management, which spent $2.1 billion buying 22% of Sun over the last few years, didn't wait around to collect Oracle's $9.50 a share, money it should have been able to pick up by summer and a price it would have lost roughly $500,000 on. Instead it sold most of its 162 million shares to "unnamed parties" Monday at prices ranging from $9.04 to $9.09, costing it another $65 million-$80 million, according to Reuters, which read it in a regulatory filing. Southeastern is rumored to have been instrumental in bringing Sun and Oracle together. Although some might think that any yenta'ing Southeastern might have done superfluous with Ellison and McNealy in the room, selling out so abruptly could suggest it has doubts the deal will close. Nay, it must be something else. Like needing the money. If Oracle bails, it will owe Sun a $260 million termination fee. Reader Feedback: Page 1 of 1
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