The Law Office of Joseph Klein 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 proposed 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 the 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 Thomson/First Call, 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 Joseph Klein, Esq. directly, via email at email@example.com, by telephone at 718-947-0005, Toll Free: 877-STOK-180, or visit http://www.jkleinlawfirm.com/pride-international.html.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.