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Ellison wants Oracle to be like Apple or Cisco
Jake Widman
Friday, 08 May 2009 23:56
Page 2 of 2
In a filing with the Securities and Exchange commission, Sun disclosed that some of its shareholders have filed suits alleging that Oracle isn't paying enough to acquire Sun."The complaints, which are similar, seek to enjoin the proposed acquisition of Sun by Oracle Corporation and allege claims for breach of fiduciary duty against the individual defendants and for aiding and abetting a breach of fiduciary duty against the corporate defendants. The complaints generally allege that the consideration offered in the proposed transaction is unfair and inadequate."
A year ago, Sun stock stood at around $16 per share, and the Oracle offer is worth $9.50 per share.
"Sun and the other defendants have not yet responded to the complaints," according to the SEC filing.
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