The Law Offices of Vincent Wong are 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 deal, Pride stockholders will receive 0.4778 newly-issued shares of Ensco plc stock plus $15.60 in cash per 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. 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 Vincent Wong, Esq. either via email
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Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.