Weiss & Lurie, a national class action and shareholder rights law firm with offices in New York City and Los Angeles, is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Bronco Drilling Company, Inc. (NASDAQ: BRNC) arising from its proposed acquisition by Chesapeake Energy Corporation (NYSE:CHK).
Under the terms of the tender offer, Bronco stockholders will receive $11 per share. Shareholders collectively owning over 32% of Bronco’s outstanding stock have committed to tender all of their shares to Chesapeake. The acquisition is expected to close in the second quarter of 2011.
Weiss & Lurie is investigating whether Bronco’s Board acted in the best interests of shareholders in approving the transaction and whether the Board properly sought to maximize shareholder value. The offer price represents a mere 6% premium over the pre-announcement closing price of Bronco stock on April 14, 2011. Indeed, Bronco stock traded above the $11 offer price as recently as April 6, 2011, and at least two analysts set Bronco’s target price at $13.50.
If you own Bronco shares and would like more information about your rights as a shareholder or additional information concerning our investigation, please contact Julia J. Sun either by email at firstname.lastname@example.org or by telephone at (888) 593-4771.Weiss & Lurie has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded institutions and individuals and obtained important corporate governance in these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (such as insider trading, waste of corporate assets, accounting fraud, or issuing materially misleading press releases or SEC filings), consumer fraud (such as false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslurie.com/contact/report_fraud/. Attorney Advertising. Past results do not guarantee a similar outcome.