Responsys Inc. (NASDAQ:MKTG), Oracle Corporation (NYSE:ORCL), The Acquisition And Investigations
Responsys Inc. (NASDAQ:MKTG)’s stock marked a fresh 52 week high of $27.49 embarking its previous high of $20.33 as the stock soared more than 40% during Friday’s trade. The stock gained $7.88 during the session and closed at $27.40. More than 25.16 million shares exchanged hands, which is quite significant compared to its 30 day average volume of 1.26 million shares. The market capitalization also surged to $1.41 billion.
World’s leading business software maker, Oracle Corporation (NYSE:ORCL)’s announcement to acquire Responsys Inc. (NASDAQ:MKTG) for $1.39 billion made the stock of Responsys Inc. rally like never before. Oracle Corporation is eyeing to strengthen its cloud computing offerings with this acquisition, largely to counter web-based offerings of salesforce.com, Inc. (NYSE:CRM) and Workday Inc. (NYSE:WDAY) that offer products at much competitive prices than Oracle Corp.
Oracle offered the acquisition at a price of $27 per share which represents net of Responsys’ cash. The deal has been approved by the board of directors of Responsys Inc. and is expected to be completed by 1H14.
Responsys Inc. is a California based email and cross-channel marketing solutions provider that allows optimizing and automating marketing campaigns across various channels, including the Web, mobile, email, social media and display. Its Responsys Interact platform also facilitates targeted content by leveraging third-party applications and data from real-time sources. The company serves to diversified businesses mainly in North America, the Asia Pacific, and Europe.
With the Oracle’s acquisition offer approved by Responsys’ board of directors, numbers of law firms have announced investigations concerning the proposed acquisition. The investigation concerns whether Responsys Inc. (NASDAQ:MKTG)’s board has fulfilled its fiduciary duties to obtain fair consideration for Company shareholders by maximizing the value of the Company.
Some of the leading law firms having made such announcement include Faruqi & Faruqi, LLP; Kirby McInerney LLP and Harwood Feffer LLP, among others.