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Eloqua Inc (NASDAQ:ELOQ) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Takeover By Oracle

  • If you purchased shares of Eloqua Inc (NASDAQ:ELOQ) prior to December 20, 2012, and currently hold any of those NASDAQ:ELOQ shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Eloqua Inc
Security
NASDAQ: ELOQ

Case Name
Eloqua Deal Case 01/04/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

Jan. 07, 2013 (Shareholders Foundation) -- An investor in shares of Eloqua Inc (NASDAQ:ELOQ) filed a lawsuit against directros of Eloqua Inc in effort to stop the proposed takeover of Eloqua Inc by Oracle at $27.00 per NASDAQ:ELOQ.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:ELOQ stockholder by agreeing to sell the company too cheaply via an unfair process to Oracle.

On December 20, 2012, Oracle announced that it has entered into an agreement to acquire Eloqua, Inc. (NASDAQ: ELOQ) for $23.50 per share or approximately $871 million, net of Eloqua’s cash.

However, the plaintiff claims that the $23.50-offer is unfair to NASDAQ:ELOQ stockholders and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:ELOQ shares at $27.00 per share. In addition, Eloqua’s financial performance improved recently. In fact, Eloqua Inc reported that its annual Revenue increased from $32.87 million in 2008 to $71.35 million in 2011. Furthermore, shares of Eloqua Inc (NASDAQ:ELOQ) grew from $13.20 in August 2012 to $24.65 on November 1, 2012.

Furthermore, so the plaintiff, the proposed transaction is the result of conflicts of interest.