Taleo Corporation (Nasdaq: TLEO) shareholder litigation in connection with alleged unfair takeover offer
On February 9, 2012, Taleo Corporation ("Taleo" or the "Company") announced that it has agreed to sell the Company to Oracle Corporation (Nasdaq: ORCL). Under the terms of the agreement, Taleo shareholders will receive $46.00 per share of Taleo stock they own. The transaction has a total approximate value of $1.9 billion.
The investigation concerns whether the Taleo Board of Directors breached their fiduciary duties to Taleo stockholders by failing to adequately shop the Company before entering into this transaction and whether Oracle Corporation is underpaying for Taleo shares, thus unlawfully harming Taleo stockholders. In particular, at least one analyst set a price target of $50.00 per Taleo share.