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SuccessFactors, Inc. Investor Files Lawsuit Against SAP Bid

  • If you are a current investor in SuccessFactors, Inc. (NYSE:SFSF) and purchased your NYSE SFSF shares prior to the announcement, and/or if you have any information relating the investigation, 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
SuccessFactors, Inc.
Security
NYSE: SFSF

Case Name
SuccessFactors Deal Case 12/09/2011
Type of Lawsuit
Mergers and Acquisition
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Summary

San Diego, Dec. 9, 2011 (Shareholders Foundation) -- An investor in NYSE: SFSF shares filed a lawsuit in State Court against directors of SuccessFactors in effort to block the proposed sale of SuccessFactors Inc to SAP AG for $40.00 per share.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed Success Factors (NYSE:SFSF) investors arising out of the attempt to sell SuccessFactors Inc via an unfair process at an unfair price to SAP AG.

On Saturday, December 3, 2011, SuccessFactors, Inc. (NYSE: SFSF) and SAP AG (NYSE: SAP) announced that SAP's subsidiary, SAP America, Inc., has entered into a merger agreement with SuccessFactors, pursuant to which a subsidiary of SAP would offer to acquire all outstanding shares of common stock of SuccessFactors (NYSE: SFSF) for $40.00/per share in cash, representing an enterprise value of approximately $3.4 billion. SuccessFactors, Inc said that the $40 per share offer represents a 52% premium both over the December 2nd closing price and the one month volume weighted average price per share.

SFSF shares closed on Monday at $39.75 per share.

However, the plaintiff alleges that the $40.00offer undervalues SuccessFactors Inc. In fact, NYSE SFSF shares traded as high as $40.27 per share as recently as April 2011, thus slightly above the current offer and at least one analyst has set the high target price at $45 per share, well above the current offer.