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Judge Delays Shareholder Vote In $1B Oracle-ATG Deal

Law360 (December 20, 2010, 8:31 PM EST) -- A Delaware judge on Monday delayed a shareholder vote on Oracle Corp.’s $1 billion acquisition of e-commerce company Art Technology Group Inc., saying class action plaintiffs and other shareholders needed more information on Oracle’s past dealings with ATG investment banker Morgan Stanley.

Vice Chancellor J. Travis Laster of the Delaware Chancery Court ordered a preliminary injunction against the vote and said he would issue an opinion this week detailing the scope of the disclosure required of the defendants in the shareholder class action.

“I just can’t...
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