Acme Packet, Inc. (NASDAQ: APKT) announced that it is being purchased by Oracle.
- Do you own shares of Acme Packet, Inc. (NASDAQ: APKT))?
- Did you buy Acme Packet, Inc. (NASDAQ: APKT) shares before February 4, 2013?
- Do you think that the proposed deal is unfair to Acme Packet, Inc. (NASDAQ: APKT) shareholders? Is $29.25 per share in cash not enough for Acme Packet, Inc. (NASDAQ: APKT)?
Think this deal is unfair? Call 1-800-934-2921 right now to protect your rights.
Oracle has offered to buy Acme Packet, Inc. (NASDAQ: APKT) for 29.25 dollars per share. However, the takeover bid has prompted the investigation of Acme Packet, Inc. to determine whether the process is unfair to investors who have purchased the company’s shares.
Our law firm is carrying out an investigation on behalf of any investor who bought Acme Packet, Inc. shares before February 4, 2013 and still holds some shares. The investigation wants to determine whether some of the company’s directors and officers breached their fiduciary responsibilities to investors in relation to the proposed takeover.
Acme Packet, Inc. announced on February 4, 2013 that it had entered an agreement with Oracle that is set to acquire it for 29.25 dollars per share in cash. The total diluted equity value that this agreement represents is 2.1 billion dollars. The agreement also represents an enterprise net of cash value of 1.7 billion dollars.
However, the high target price of the NASDAQ:APKT shares is said to be higher than the expected purchase price. According to one analyst, the value should be at least 30.00 dollars per share. It was only in February 2012 that the shares traded for 35.99 dollars per share.
The law firm conducting the investigation is interested in finding out whether the expected takeover price is unfair to stockholders of Acme Packet, Inc. This is especially in consideration of the fact that the company’s financial performance has been improving in the past several years.
Acme Packet, Inc. had reported that its annual revenue had increased from 116.36 million dollars in 2008 to 307.32 million dollars in 2011. The company’s Net Income had increased from 11.57 million dollars to 44.36 million dollars within the same period.
Between February 2009 and April 2011, the value of NASDAQ:APKT shares rose from 4.37 dollars per share to 82.61 dollars per share.
Considering these factors, the investigation wants to find out whether the Board of Directors of Acme Packet, Inc. undertook enough sales process and shopped it well before entering into the agreement with Oracle. There are indications that the directors did not act in the best interest of the company’s shareholders.
Own APKT stock?
If you are a shareholder of any amount of APKT complete the form on this page or call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights.
Kyros Law is a Boston-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions.