|By PR Newswire||
|September 25, 2012 01:02 PM EDT||
NEW YORK, Sept. 25, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Union Drilling, Inc. ("Union Drilling" or the "Company") (NASDAQ: UDRL) concerning the proposed acquisition of the Company by Sidewinder Drilling Inc. ("Sidewinder") in a transaction valued at approximately $242 million.
On September 25, 2012, Union Drilling announced that it had entered into a definitive agreement and plan of merger to be acquired by Sidewinder in an all-cash tender offer valued at approximately $242 million. Under the terms of the agreement, Union Drilling's shareholders will receive $6.50 in cash for each share of Union Drilling stock owned. The $6.50 per share offer price would offer Union Drilling's shareholders a premium of only 6% on the closing price of Union Drilling stock on September 24, 2012, the day before the deal was announcement. Union Drilling common stock has traded above the deal's offer price as recently as September 21, 2012, when it traded at $6.69 per share.
Our investigation concerns whether the Union Drilling board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company shareholders.
If you own Union Drilling shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising© 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP