The Law Office of Abe Shainberg is investigating the Board of Directors of Pride International, Inc. (NYSE: PDE) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Ensco plc (NYSE: ESV). Under the terms of the transaction, Pride stockholders will receive 0.4778 newly-issued shares of Ensco plc stock, as well as $15.60 in cash for each Pride common share. Based on prior closing prices, the transaction values Pride shares at approximately $41.60 per share or a total transaction value of approximately $7.3 billion.
The investigation concerns whether the Pride Board of Directors breached their fiduciary duties to Pride stockholders by failing to adequately shop the Company before entering into this transaction and whether Ensco plc is underpaying for Pride shares, thus unlawfully harming Pride stockholders. According to Yahoo! Finance, at least one analyst set a price target for Pride stock of $42.00 per share.
If you own common stock in Pride and wish to obtain additional information, please contact Abe Shainberg, Esq. either via email at email@example.com or by telephone at (212) 425-7286, or visit http://www.ashainberglaw.com/pride-international.html.
Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.