SAN DIEGO and BELLEVUE, Wash., Sept. 22, 2014 (GLOBE NEWSWIRE) -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Concur Technologies, Inc. by SAP SE. On September 18, 2014, the companies announced that Concur and SAP's subsidiary, SAP America, Inc., signed a definitive merger agreement pursuant to which SAP America will acquire all outstanding shares of Concur for $129.00 per share in cash.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/concur-technologies-inc
Is the Proposed Acquisition Best for Concur and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Concur is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, the $129.00 merger consideration is below the target price of $130.00 set by an analyst at Credit Suisse on January 26, 2014. Further, on August 4, 2014, Concur issued its financial results for the company's third quarter of 2014, reporting a 28% increase in non-GAAP revenue compared the same quarter 2013. Moreover, Concur beat estimates for adjusted EPS and adjusted net income in three of its last four quarters, and comparable estimates for sales in every quarter for the past year.
Similarly, the proposed consideration undervalues Concur's growth potential and future revenue potential. In that same August 4, 2014 earning release, Concur announced its business outlook for 2014. In particular, Concur forecast non-GAPP revenue for the fourth quarter of fiscal 2014 to increase 21% compared to the fourth quarter of fiscal 2013. In addition, the company projected its fiscal 2014 non-GAAP revenue to increase 27% compared to fiscal 2013.
In light of these facts, Robbins Arroyo LLP is examining Concur's board of directors' decision to merge the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
Concur 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. Concur 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.
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CONTACT: Darnell R. Donahue Robbins Arroyo LLP 600 B Street, Suite 1900 San Diego, CA 92101 ddonahue@robbinsarroyo.com (619) 525-3990 or Toll Free (800) 350-6003 www.robbinsarroyo.com
