August 12, 2006

Hedge fund Alleges Impropriety in Mercury Deal

The controversy over the Mercury deal intensified further after Hewlett Packard expressed its inability to start its $4.5 billion tender offer for Mercury Interactive Corp. Hewlett's decision has been attributed to the allegations of impropriety surfaced about the entire deal. Recently, hedge fund Okumus Capital has asked a New York judge to order release of names of customers who bought 2.4 million shares of Mercury from Okumus.

Okumus alleged that some of the buyers might have been tipped off about HP's $4.5 billion acquisition of Mercury Interactive Corp., which is an IT management software and services company. Okumus also claims that it lost $27 million by selling its Mercury shares.

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