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Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed acquisition of Pride International, Inc. (NYSE:
News) (referred to as "Pride" or the “Company”) by Ensco plc (“Ensco”) in a cash and stock transaction valued at approximately $7.3 billion.
Under the terms of the merger agreement, Pride stockholders will receive 0.4778 newly-issued shares of Ensco plus $15.60 in cash for each share of Pride common stock. The cash and stock transaction is valued at $41.60 per share based on Ensco's closing share price on February 4, 2011. Upon closing, and reflecting the issuance of new Ensco shares, Pride stockholders collectively will own approximately 38% of Ensco's outstanding shares.