Acquisition of Eloqua, Inc. by Oracle Corporation May Not Be in
Eloqua's Shareholders' Best Interests
SAN DIEGO & VIENNA, Va., Dec. 21,
2012 /PRNewswire/ -- Shareholder rights attorneys at Robbins
Umeda LLP are investigating possible breaches of fiduciary duty and
other violations of the law by members of the board of directors of
Eloqua, Inc. (NASDAQ: ELOQ) in connection with their efforts to
sell the company to Oracle Corporation (NASDAQ: ORCL). Eloqua
is a provider of cloud-based marketing automation and revenue
performance management software.
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On December 20, 2012, Eloqua and
Oracle announced they had entered into an agreement under which
Oracle will acquire Eloqua through an all cash offer that values
the company at $810 million.
Eloqua shareholders will receive $23.50 per share. The transaction is
expected to close in the first half of 2013.
The Board of Directors' Actions May Prevent Eloqua
Shareholders from Receiving the Maximum Value for Their
Stock
Robbins Umeda LLP's investigation focuses on whether the board
of directors at Eloqua is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders. The
$23.50 per share offer price is
substantially below target prices set by several analysts.
For example, an analyst at J.P. Morgan set a target price of
$27 and an analyst at Needham &
Company set a target price of $26.
Further, the $23.50 per share
offer price is significantly below the $24.83 share price the stock traded at on
November 1, 2012. Further, on
October 24, 2012, Eloqua announced
strong financial results for the third quarter 2012. For the
quarter, the company reported record revenue of $23.8 million, an increase of 30% over the same
quarter in 2011. Moreover, subscription and support revenues
increased 32% over the same quarter in 2011. Given, these
facts, the firm is examining whether the board of directors'
decision to sell Eloqua for $23.50
per share is fair to shareholders and maximizes the value for their
shares.
Eloqua shareholders have the option to file a class action
lawsuit against the company to secure the best possible price for
shareholders and the disclosure of material information so
shareholders can vote on the transaction in an informed manner.
Eloqua shareholders interested in information about their
rights and potential remedies can contact Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsumeda.com, or via the shareholder information form
on the firm's website.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/eloqua-inc/
Attorney Advertising.Past results do not guarantee a similar
outcome.
Contact:
Robbins Umeda LLP
Darnell R. Donahue
ddonahue@robbinsumeda.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsumeda.com
SOURCE Robbins Umeda LLP
