Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Vignette Corporation Investor InvestigationInvestigation on behalf of certain current investors in Vignette Corp. over possible breach of fiduciary duty by the board of directors of Vignette Corp. – Contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com
By: Shareholders Foundation, Inc. If you currently hold shares of Vignette Corporation (Public, NASDAQ-VIGN) Email: mail@shareholdersfoundation.com Or call us at: +1 (858) 779 - 1554 According to the investigation by a law firm the investigation focuses on the circumstances surrounding the acquisition of Vignette Corp. by Open Text Corporation concerning possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Vignette arising out of their agreement to sell Vignette Corp to Open Text. On May 06, 2009 Open Text Corporation and Vignette Corporation announced that they have entered into a definitive agreement pursuant to which Vignette will become a wholly owned subsidiary of Open Text. Open Text Corp offered to take over Vignette Corp for $8.00 in cash plus 0.1447 of Open Text common share for every Vignette common share, or approximately $12.70 per share at close of market on May 5, 2009, valuing the deal at $310 million. John Shackleton, President and Chief Executive Officer of Open Text, stated "The combination of Vignette with Open Text will extend the breadth of our offerings and further Open Text's positioning as the leading independent ECM vendor in the marketplace." According to the investigation the transaction appears to be unfair given that, among other things, Vignette Corp’s shares traded as high as $13.97 per share as recently as August 2008, Vignette has $5.83 per share in cash with zero debt, and a book value per share of $11.47. Thus, the price agreed to by Vignette’s Board appears to offer little premium to shareholders, so the investigation. Vignette Corp. provides Web content management, portal, collaboration, integration, interaction management, document and records management and imaging and workflow technologies and is located in Austin, Texas. Vignette Corporation had $191.81million in total revenue in 2007 and $169.55million in 2008. Shares of Vignette Corp traded recently at $12.37 per share and had a 52weekHigh of $13.97 per share. Shares of Vignette Corp reached over $20 per share and over $989.01 in 2000. If you currently hold shares of Vignette Corporation (Public, NASDAQ-VIGN) Email: mail@shareholdersfoundation.com Or call us at: +1 (858) 779 - 1554 Shareholders Foundation, Inc. Trevor Allen 3111 Camino Del Rio North - Suite 423 - 92108 San Diego Tel:+1-(858)- Fax:+1-(858)- mail@shareholdersfoundation.com www.ShareholdersFoundation.com ____________________________________________________________ # # # Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon. End
|
| |||||||||||||||||||||||||||||||||||||||||||||||||
Account Phone Number