Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Pride International Inc. (“Pride” or the “Company”) (NYSE: PDE) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Ensco plc (“Ensco”) (NYSE: ESV) for an estimated $7.3 billion in cash and stock. The proposed transaction offers Pride shareholders to only receive 0.4778 new shares of Ensco plus $15.60 in cash for each Pride share they hold, an aggregate value of approximately $41.60 per share of Pride common stock. According to Yahoo! Finance, at least one financial analysts values the Company at $42.00 per share.
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Whether the Pride’s Board of Directors breached their fiduciary duties to Pride’s stockholders by failing to conduct an adequate and fair sales process to sell the Company prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Pride’s shares and by how much this proposed transaction undervalues the Company to the detriment of Pride shareholders are the key focus of this investigation.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Pride and wish to obtain additional information, please visit us at
or contact Juan E. Monteverde, Esq. either via e-mail at
or by telephone at (877) 247-4292 or (212) 983-9330.
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