Bull & Lifshitz, LLP Announces Investigation of the Acquisition of Allis-Chalmers Energy Inc.
18 Agosto 2010 - 3:11PM
Business Wire
Bull & Lifshitz, LLP announces an investigation into
possible breaches of fiduciary duty in connection with the proposed
acquisition of Allis-Chalmers Energy Inc. (NYSE: ALY - News)
(referred to as "Allis-Chalmers" or the “Company”) by Seawell
Limited (NOTC: SEAW) (referred to as “Seawell”) in a transaction
valued at approximately $890 million (including assumed debt).
Under the agreement, Allis-Chalmers stockholders will have the
right to elect $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. Shares of
Allis-Chalmers’ existing preferred stock will be treated as common
stock on an as converted basis. The merger is conditioned, among
other things, on the listing of Seawell on the Oslo Bors or the
London Stock Exchange and Seawell raising no less than an
additional $100 million in equity.
Bull & Lifshitz, LLP's investigation is focused on whether
the proposed deal provides adequate value to the Company’s
shareholders.
If you are a holder of Allis-Chalmers stock and want to discuss
your legal rights, you may e-mail or call Bull & Lifshitz, LLP
who will, without obligation or cost to you, attempt to answer your
questions.
If you are a shareholder of Allis-Chalmers and would like more
information about our investigation, please contact Joshua M.
Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an
e-mail including your contact information to:
counsel@nyclasslaw.com. All e-mail correspondence should make
reference to Allis-Chalmers.
Bull & Lifshitz, LLP is a New York City-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please visit our website at www.nyclasslaw.com.
ATTORNEY ADVERTISING. © 2010 Bull & Lifshitz, LLP.
The law firm responsible for this advertisement is Bull &
Lifshitz, LLP, 18 East 41st Street, New York, New York 10017, (212)
213-6222. Prior results do not guarantee or predict a similar
outcome with respect to any future matter.
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