As the November 19th deadline from Oracle to buy PeopleSoft shares approaches the biggest shareholders are now taking sides.Two of the largest holders of PeopleSoft shares, Capital Guardian Trust Company and Private Capital Management, came down on opposite sides of the fence today as the battle between the two software vendors heats up.Cap Guardian has offered to tender all of its shares to Oracle, according to Jim Finn, Oracle vice president of corporate communications. At the same time, Steve Swasey, Finn’s spiritual counterpart at PeopleSoft announced that Private Capital Management have decided not to tender.From the InfoWorld news story:Private Capital Management said in a regulatory filing that it has “significant concerns” about whether Oracle’s bid, which Oracle now values at $9.2 billion, represents a better return for shareholders than PeopleSoft would be able to generate as an independent company. “We are pleased,” said SwaseyMeanwhile, Tad Piper, a senior research analyst at Piper Jaffray & Co., said the battle is far from over.“I think we are going to have more clarity on where people stand on this throughout the remainder of the week,” Piper said. It seems PeopleSoft is in the midst a roadshow to key financial institutions and analysts shoring up its support. My guess is Oracle is on a similar road trip.PeopleSoft still insists that the $24 per share offer is insufficient. Swasey told me that even those who are willing to tender their shares at that price feel it is undervalued. “Shareholders have a lot of reasons for tendering stock,” he said.If Oracle wants to acquire PeopleSoft they are going to have to pay more or vote the current board out. “Barring voting out the current board which is what the current proxy battle is about,” Piper said. Even if more than 50% of the share holders tender its stock, the current board has said it will not rescind the poison pill, according to Piper.Of course, by Cap Guardian tendering its shares to Oracle, Ellison and company have a lot more votes to cast in favor of a new board of directors. This could turn out to be a very bloody proxy battle. Stay tuned. Technology Industry