Aug. 27, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Kenexa Corporation (NYSE:KNXA) shares was announced concerning whether the offer by IBM to acquire Kenexa Corporation for $46.00 per NYSE:KNXA share and the takeover process are unfair to investors in Kenexa shares.

The investigation by a law firm concerns whether certain officers and directors of the Kenexa Corporation breached their fiduciary duties owed to NYSE:KNXA investors in connection with the proposed acquisition.

On August 27, 2012, Kenexa Corporation (NYSE:KNXA) announced that it has entered into an agreement to be acquired by International Business Machines Corporation (NYSE:IBM) for $46.00 per share in cash in a transaction valued at approximately $1.3 billion.

Following the takeover announcement shares of Kenexa Corporation (NYSE:KNXA) jumped from $32.38 per share on Friday to $45.87 per share on Monday, August 27, 2012.

However, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:KNXA stockholders. Specifically, the investigation focuses on whether the Kenexa Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

In fact, Kenexas performance improved lately. Its annual Revenue increased from $133.85 million in 2009 to $204.23 million 2011 and its Net Loss declined from $31.08 million in 09 to $7.26 million in 2011. Shares of Kenexa Corporation (NYSE:KNXA) grew within one year from as low as $15.64 per share in September 2011 to over $32 per share in August 2012.