Four large institutional investors are selling 22.95 million of Informix? stock, following a filing that was submitted to the Securities and Exchange on 15 May.
But, it was unclear as we went to press whether the move was linked in any way to last week?s dismissal of the database supplier?s auditors, Ernst & Young, to be replaced by KPMG Peat Marwick.
The transaction is being undertaken on behalf of CC Investments, Proprietary Convertible Investment Group, Capital Ventures International, and The Shemano Group, which will receive all of the net proceeds, but the deal will still be underwritten by Ernst & Young.
The stockholders acquired the Series B preferred stocks on 17 November 1997, and will issue them after the stock has been converted at a price of $4 per share and warrants have been exercised to purchase 150,000 shares of common stock. Informix?s current share value stood today at 7 23/32.
The reason for the sell-off is unclear.
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