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Taleo Corp (NASDAQ:TLEO) Investor files Lawsuit to Block Takeover by Oracle

A lawsuit was filed for investors in Taleo Corp (NASDAQ:TLEO) in effort to stop the proposed and NASDAQ: TLEO stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

March 5, 2012 - PRLog -- 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@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 at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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Source:Shareholders Foundation, Inc.
Location:San Diego - California - United States
Industry:Banking, Business, Finance
Tags:Tleo, Nasdaq Tleo, Taleo, Taleo Corporation, Taleo Corp, Nasdaq, Oracle Corporation, Oracle
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