A lawsuit was filed for investors, who hold shares of Eloqua Inc (NASDAQ:ELOQ) in effort to halt the proposed takeover and NASDAQ:ELOQ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/07/2013 -- An investor in shares of Eloqua Inc (NASDAQ:ELOQ) filed a lawsuit against directros of Eloqua Inc in effort to stop the proposed takeover of Eloqua Inc by Oracle at $27.00 per NASDAQ:ELOQ.
Investors who purchased shares of Eloqua Inc (NASDAQ:ELOQ) prior to December 20, 2012, and currently hold any of those NASDAQ:ELOQ shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:ELOQ stockholder by agreeing to sell the company too cheaply via an unfair process to Oracle.
On December 20, 2012, Oracle announced that it has entered into an agreement to acquire Eloqua, Inc. (NASDAQ: ELOQ) for $23.50 per share or approximately $871 million, net of Eloqua’s cash.
However, the plaintiff claims that the $23.50-offer is unfair to NASDAQ:ELOQ stockholders and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:ELOQ shares at $27.00 per share. In addition, Eloqua’s financial performance improved recently. In fact, Eloqua Inc reported that its annual Revenue increased from $32.87 million in 2008 to $71.35 million in 2011. Furthermore, shares of Eloqua Inc (NASDAQ:ELOQ) grew from $13.20 in August 2012 to $24.65 on November 1, 2012.
Furthermore, so the plaintiff, the proposed transaction is the result of conflicts of interest.
Those who are current investors in Eloqua Inc (NASDAQ:ELOQ), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego