SAN DIEGO and COLUMBIA,
Md., June 23, 2014 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of MICROS Systems, Inc.
(NASDAQ: MCRS) by Oracle Corporation (NYSE: ORCL). On
June 23, 2014, the two companies
announced the signing of a definitive merger agreement pursuant to
which MICROS shareholders will receive $68.00 in cash for each share of common stock
owned.
Is the Proposed Acquisition Best for MICROS Systems and
Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at MICROS Systems is undertaking a fair process to
obtain maximum value and adequately compensate MICROS Systems
shareholders.
As an initial matter, the $68.00
merger consideration represents a premium of just 20.8% based on
MICROS Systems' average closing price for the last twenty-one
trading days. This premium is significantly below the average
twenty-one trading day premium of nearly 33% for comparable
transactions in the past three years. Further, on May 1, 2014, the MICROS Systems released the
company's financial results for its fiscal 2014 third quarter,
reporting strong growth in revenue, net income, and EPS.
Specifically, the company reported revenue of $349 million, an increase of 10.7% over the same
period 2013. In addition, the company's GAAP net income
increased by 13.6% year over year and its GAAP diluted EPS grew to
0.11 per share, or 20%. In announcing these results, MICROS
Systems' President and CEO, Peter A.
Altabef, commented, "We are pleased with the strong revenue
growth and profit performance this quarter. We are encouraged by an
improved demand environment for our solutions from current and new
clients."
In light of these facts, Robbins Arroyo LLP is examining MICROS
Systems' 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.
MICROS Systems 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. MICROS 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.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP