Siebel Systems’ plan to be acquired by Oracle has resulted in three class action lawsuits from shareholders who believe $5.85bn is not enough, Siebel has revealed.
In a filing with the US Securities and Exchange Commission, Siebel said three complaints seeking class status have been filed in the San Mateo District Court.
The complaints claim the deal was inked without having performed an active auction or conducted open bidding procedures for sale of Siebel, and that the consideration to be paid pursuant to the acquisition agreement is inadequate, according to Siebel.
The plaintiffs, claiming the 17% premium Oracle wants to pay is inadequate and that Siebel officers breached their fiduciary duty by not securing a better price, want an injunction stopping the sale.
Siebel said it expects that more suits will be filed, and that they will be consolidated into one class action, as is the norm in these kinds of cases. A worst-case scenario would delay or prevent the deal closing, the company said.