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STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Ariba, Inc. (Nasdaq: ARBA) (aAribaa) and other violations of state law by the board of directors of Ariba relating to the proposed acquisition of the company by SAP AG(aSAPa). The firmas investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.

On May 22, 2012, SAP and Ariba announced that they had entered into an agreement providing for SAP to acquire Ariba for approximately $4.3 billion. Under the terms of the merger agreement, Ariba shareholders will receive $45.00 for each share of Ariba common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $50.00 per share.

If you currently own shares of Ariba and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.