Hedge Fund Oasis Said to Hold Soft99 Shares Amid Buyout Spat

Hong Kong hedge fund Oasis Management Co. has a stake in Soft99 Corp., according to a person familiar with the matter, amid a battle between management and some shareholders over ownership of the Japanese car care products manufacturer.

Soft99’s shares jumped as much as 5.3% after the news came out. The Japanese company, whose shares are the target of a management buyout, has said it opposes a competing tender offer from Effissimo Capital Management Pte. Singapore-based Effissimo said the MBO led by Soft99’s president, Hideaki Tanaka, priced the company too low.