Kendall Law Group Investigates Allis-Chalmers Energy, Inc. Acquisition for Shareholders
13 Agosto 2010 - 10:25AM
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 Allis-Chalmers Energy, Inc. (NYSE: ALY) for
shareholders in connection with the proposed acquisition by Seawell
Limited, a subsidiary of SeaDrill Limited. The firm’s investigation
seeks to determine whether Allis-Chalmers 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 an Allis-Chalmers 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 13, 2010 Seawell and Allis-Chalmers announced that
their Boards of Directors unanimously approved a definitive merger
agreement under which Allis-Chalmers would be acquired by Seawell.
Under the terms of the agreement, Allis-Chalmers stockholders will
receive either $4.25 in cash or 1.15 Seawell common shares for each
share of Allis-Chalmers common stock, subject to proration if more
than 35% of the shares elect to receive cash. Seawell stock is
currently traded on the NOTC list administered by the Norwegian
Securities Dealers Association. Allis-Chalmers stock had a $4.20
closing price as recently as April 29, 2010. Additionally,
according to Thompson/First Call, at least one analyst has set a
price target of $7 per share.
Kendall Law Group was founded by former federal judge Joe
Kendall, 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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