This Sunday night at 12:01 am (technically Monday morning) Acxiom’s 60-day “shop around” period for the sale of its company will end. It could get interesting.

ValueAct Capital and Silver Lake Partners $3 billion offer could be settled at the end of the period if no other buyers surface and the Acxiom board agrees to take the database giant.

Acxiom’s stock price closed today at $26.60, fifty cents below the ValueAct-Silver Lake offer of $27.10 per share. All indications are that the $27.10 offer would be viewed as a good deal based on that closing share price.

But shareholders still have to approve the measure, and today, Acxiom’s second largest shareholder, MMI Investments, made public a letter to Acxiom that its opposition to the sale has “only intensified” since details of a preliminary proxy were filed with the SEC.

MMI says in their letter:
“The disclosure in the ‘Background of the Merger’ section have strengthened our belief that:

1) the $27.10 price is inadequate and unfair to Acxiom stockholders
2) the process surrounding the VA/SL deal and the present ‘go-shop’ is flawed in both its conception and execution, and
3) the views of the board (particularly that now is the time to sell Acxiom and that stockholders would not be willing to wait for a better result from a restructuring) demonstrate a short-term mind-set that we believe is inconsistent with the board’s fiduciary responsibilities.”

Acxiom officials tell Talk Business that they will not be making any announcements about the acquisition at the close of the 60-day shop around period on Sunday. New developments related to the sale will likely be disclosed in an upcoming earnings release or future regulatory filings.

UPDATE: Jason Wiest with our content partner, the Arkansas News Bureau, also reports on MMI’s filing. He notes that Acxiom’s second largest shareholder will be soliciting votes against the $3 billion buyout. A voting bloc of one-third of shareholders could torpedo the acquisition. MMI owns a little over 8% of the company's stock already.

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