Acquisition of Eloqua, Inc. by Oracle Corporation May Not Be in Eloqua's
Shareholders' Best Interests
SAN DIEGO & VIENNA, Va., Dec. 21, 2012
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
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
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, email@example.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:
Attorney Advertising.Past results do not guarantee a similar outcome.
Robbins Umeda LLP
Darnell R. Donahue
(619) 525-3990 or Toll Free (800) 350-6003
SOURCE Robbins Umeda LLP
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