Taleo Corporation Alert: The Briscoe Law Firm And Powers Taylor, LLP Investigate The Board Of Taleo Corporation Concerning The Sale Of TLEO To Oracle
DALLAS, Feb. 9, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Taleo Corporation ("Taleo" or "TLEO") (NASDAQ: TLEO) to Oracle for shareholders. Under the proposed transaction, Taleo shareholders will receive $46.00 in cash for each share of Taleo/TLEO stock owned, which is well below the target price of $50.00 per share announced by analysts.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction with a total equity value of approximately $1.9 billion, net of Taleo's cash and debt. The deal is expected to close in mid 2012.The investigation centers on whether Taleo shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Taleo stock, and whether Taleo's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Although the acquisition price represents an approximate 18% premium over the closing price of Taleo shares the day prior to the buyout announcement, Taleo shares closed as high as $45.52 per share as recently as December 9, 2011. According to Yahoo! Finance, at least one analyst has reported that the true inherent value of Taleo shares may be as high as $50.00 per share. Further, according to Taleo's recent 2011 4Q financial reports, Taleo's 2011 revenue increased by approximately 30% over the prior year. According to shareholder rights attorney Willie Briscoe, "Because of Taleo's recent strong financial performance, the lack of a significant premium to the shareholders, and the company's historic share value, we believe that the transaction may significantly undervalue Taleo stock. Our lawsuit will seek to obtain the highest share price for all shareholders." The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions. SOURCE Powers Taylor LLP
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