ATG Shareholder Sues To Block $1B Oracle Bid

Law360, New York (November 5, 2010, 6:28 PM EDT) -- An owner of Art Technology Group Inc. stock has instigated a potential class action to block the company's $1 billion sale to Oracle Corp., saying it is unfairly forcing a subpar deal down the throats of shareholders.

Plaintiff Gary Cronenwett said ATG's board breached its fiduciary duty by not seeking a better deal and by amending the company's shareholders' rights plan to exclude Oracle from its scope, thus favoring Oracle against any potential competing bid, according to a complaint filed Thursday in the Delaware Chancery Court....
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