Robbins Arroyo LLP: Acquisition of Textura Corp. (TXTR) by Oracle Corp. (ORCL) May Not Be in Shareholders' Best Interests
29 April 2016 - 4:50AM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Textura Corporation
(NYSE: TXTR) by Oracle Corporation (NYSE: ORCL). On April 28, 2016,
the two companies announced the signing of a definitive merger
agreement pursuant to which Oracle will acquire Textura. Under the
terms of the agreement, Textura shareholders will receive $26.00
for each share of Textura common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/textura-corporation-april-2016
Is the Proposed Acquisition Best for Textura and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Textura is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $26.00 merger consideration represents
a premium of only 30.70% based on Textura's closing price on April
27, 2016. This premium is significantly below the average one day
premium of nearly 58.08% for comparable transactions within the
past five years. In the last three years, Textura traded as high as
$47.25 on October 1, 2013, and most recently traded above the
merger consideration – at $29.95 – on November 9, 2015.
On February 24, 2016, Textura reported strong earnings results
for its fourth quarter 2015. Textura reported revenue of $23.7
million for the three months ended December 31, 2015, a 33%
increase from the same period of the prior year. In addition,
Textura has beaten analyst estimates for revenue in three out of
the past four quarters, and adjusted net income and adjusted
earnings per share in the last four quarters. In commenting on
these results, Textura Interim Chief Executive Officer Dave Habiger
remarked, "The fourth quarter capped a solid year for Textura as we
made progress towards our strategic goals. With growing demand for
our solutions, evidenced by the addition of several large general
contractors in the U.S., we are extending our leading position and
market share."
In light of these facts, Robbins Arroyo LLP is examining
Textura's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Textura shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material information.
Textura shareholders interested in information about their rights
and potential remedies can contact attorney Darnell R. Donahue at
(800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160428006765/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
TEXTURA CORP (NYSE:TXTR)
Historical Stock Chart
From Jun 2024 to Jul 2024
TEXTURA CORP (NYSE:TXTR)
Historical Stock Chart
From Jul 2023 to Jul 2024