Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Bronco Drilling Company, Inc. (“Bronco Drilling” or the “Company”) (NasdaqGS: BRNC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Chesapeake Energy Corporation (NYSE: CHK) for approximately $315 million, including debt. The proposed transaction offers Bronco Drilling shareholders $11 per share in cash in exchange for each Bronco Drilling share they hold. According to Yahoo! Finance, at least one financial analyst values Bronco Drilling at $13.50 a share.
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Whether the Bronco Drilling’s Board of Directors breached their fiduciary duties to Bronco Drilling’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 Bronco Drilling’s shares and by how much this proposed transaction undervalues the Company to the detriment of Bronco Drilling 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 Bronco Drilling and wish to obtain additional information, please visit us at www.faruqilaw.com/BRNC or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330. Attorney Advertising. (C) 2011 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.