Sybase may face proxy fight

A company controlled by hedge fund manager Thomas Sandell notifies Sybase that it plans to elect its own three candidates to the software firm's board.

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Desiree DeNunzio

Jan. 26, 2008 2:11 p.m. PT

Business software company Sybase may be headed for a proxy fight, The Wall Street Journal is reporting. Sandall Asset Management, a company controlled by hedge fund manager Thomas Sandell, has notified Sybase that it plans to elect its own three candidates to the company's board. Sandell is Sybase's second-largest institutional investor.

The notice comes more than two months after Sandell asked Sybase to explore its strategic options, including putting itself up for sale, an initial public offering, or spinoff.

Read the full story at The Wall Street Journal (subscription required): "Sybase holder Sandell is poised for proxy fight"