Kendall Law Group Investigates Superior Well Services, Inc. Merger for Shareholders
09 Agosto 2010 - 2:19PM
Business Wire
Kendall Law Group, a national securities firm led by a former
federal judge, with attorneys that include a former U.S. Attorney,
is investigating Superior Well Services, Inc. (NASDAQ: SWSI) for
shareholders in connection with the proposed acquisition by Nabors
Industry, Inc. The firm’s investigation seeks to determine whether
Superior Well Services and its Board breached their fiduciary
duties by entering into the agreement without properly shopping for
a deal that would provide better value for shareholders. If you are
a Superior shareholder and would like additional information about
your rights, contact the Kendall Law Group at 877-744-3728 or by
email at skendall@kendalllawgroup.com.
On August 9, 2010, the companies announced that they have
entered into a definitive merger agreement whereby Nabors will
acquire Superior Well Services through a tender offer and
second-step merger. The initial tender offer is for all outstanding
shares of Superior common stock at a price of $22.12 per share in
cash at a total value of approximately $900 million. Although Gene
Isenberg, Nabors' Chairman and CEO, stated that, "Superior Well
Services possesses one of the newest fleets in the industry…high
quality fleet is operated by a very capable, well managed
organization that can quickly become a substantial unit of Nabors,”
the transaction represents only an approximately 17% premium over
Superior’s August 6 closing price. Superior also released their
second quarter 2010 results, noting increased revenue “from the
$123.3 million reported in the previous quarter and a 94.5%
increase from the $90.5 million reported in the second quarter of
2009” to $176.0 million in the second quarter of 2010. In addition,
according to Thompson/First Call, at least one analyst has set a
price target of $25.00 per share for Superior stock.
Kendall Law Group was founded by a former federal judge,
includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in numerous merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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