BUYOUT OF ACME - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
February 3, 2013
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Acme Packet, Inc. Acme Packet® ( NASDAQ : APKT ) today announced that it has entered into an agreement to be acquired by Oracle ( NASDAQ : ORCL ) for $29.25 per share in cash
The investigation concerns whether the board of directors of Acme breached their fiduciary duties by not engaging in a full auction for the company to allow shareholders to obtain the highest price possible, while not, at the same time, obtaining personal benefits to sell the company. Indeed, the company has over $363 million of cash on its books, amounting to over $5.40 per share. This cash will go to Oracle, thus they are only paying $23.80 for the company. Further analysts projected the stock is worth far more than the takeover price being offered.
If you are a shareholder of Acme and would like additional information concerning this transaction, please contact us toll free at 1-877-772-3975
Why do we need a lawsuit for this? If there is another bidder out there, there is no poison pill, so another bidder can still come forward. The board giving approval is only part of the process. It could still be rejected if an alternative were offered.