October 06, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Tibco Software Inc. (NASDAQ:TIBX), filed a lawsuit in effort to halt the proposed takeover of Tibco Software Inc. by Vista Equity Partners. The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:TIBX stockholders by agreeing to sell Tibco Software Inc. too cheaply via an unfair process to Vista Equity Partners.
On September 29, 2014, Tibco Software Inc. announced that it has entered into an agreement to be acquired by Vista Equity Partners. Under the terms of the agreement, Tibco Software Inc. (NASDAQ:TIBX) stockholders will receive $24.00 per share in cash, or a total of approximately $4.3 billion, including the assumption of net debt.

However, the plaintiff claims that the $24-offer is too low and undervalues Tibco Software Inc. Indeed, NASDAQ:TIBX shares traded in 2013 as high as $26.37, respectively as high as $33.50 per share in 2012. In addition, Tibco Software Inc. reported that its annual Total Revenue rose from $754.01 million in 2010 to over $1.06 billion in 2013. Furthermore, the plaintiff alleges that the process is also unfair to NASDFAQ:TIBX stockholders.

On October 6, 2014, NASDAQ:TIBX shares closed at $23.59 per share.