The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Pride International, Inc. (“Pride International”) (NYSE:PDE) and other violations of state law by the Board of Directors of Pride International relating to the proposed acquisition of the company by Ensco PLC (“Ensco”). The firm’s investigation seeks to determine whether Pride International and its Board breached their fiduciary duties by failing to maximize shareholder value.
On January 23, 2011, the companies announced that they had entered into a definitive merger agreement for Pride International to be acquired by Ensco in a transaction valued at approximately $7 billion. Under the terms of the agreement, Pride stockholders will receive 0.4778 newly-issued shares of Ensco plus $15.60 in cash for each share of Pride common stock, valuing each Pride share at $41.60. Analyst targets have been as high as $42 per share.
If you currently own shares of Pride International and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.