UPDATE: Bank of America Moves to No Rating on Taleo

Bank of America moves to No Rating on Taleo

and suspends its price target on the stock as it believes the company is no longer trading on fundamentals following takeover announcement from Oracle. Bank of America says, "„Taleo to be acquired by Oracle for $46/share Yesterday, Taleo announced an agreement to be acquired by Oracle valued at $46/share ($1.9bn net of cash and debt), expected to close in mid CY12. ...As we've been writing, the Talent Management space is becoming very strategic and Taleo has scarcity value as the only pure-play with a complete platform. Oracle is quite experienced at integrating acquisitions." TLEO closed at $45.64 a share on Thursday.