San Diego, CA -- (SBWIRE) -- 02/20/2012 -- The Shareholders Foundation announces that an investor in NASDAQ:TLEO shares filed a lawsuit in State Court in effort to block the proposed takeover of Taleo Corp. by Oracle for $46 per share. The plaintiff alleges that the defendants failed to get the best price for Taleo Corp.
If you are a current investor in Taleo Corp (NASDAQ:TLEO) and purchased your NASDAQ:TLEO shares prior to the announcement, you have certain options and you should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that certain directors breached their fiduciary duties owed to NASDAQ:TLEO stockholders arising out of the attempt to sell Taleo Corporation via an unfair process at an unfair price to Oracle Corp.
On Thursday, February 9, 2012, Oracle Corporation (NASDAQ: ORCL) today announced that it has entered into an agreement to acquire Taleo Corporation (NASDAQ: TLEO) for $46.00 per share or approximately $1.9 billion, net of Taleo's cash and debt.
However, the plaintiff alleges that the $46per share offer undervalues NASDAQ:TLEO shares. Indeed, at least one analyst has set the high target price for $50 per share, thus well above the current offer. Additionally, shares of Taleo Corp (Public, NASDAQ:TLEO) traded as high as$42.24 per share as recently as December 9, 2011, thus leaving certain TLEO stockholders with only a meager premium. Furthermore the plaintiff alleges the $46offer does not account for Taleo’s expected future growth.
Those who are current investors in Taleo Corp (NASDAQ:TLEO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego