Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the acquisition of Complete Production Services, Inc. (“Complete Production” or “CPX”) (NYSE: CPX) by Superior Energy Services, Inc. for CPX shareholders. Under the terms of the proposed agreement, Complete Production shareholders will receive only 0.945 shares of Superior Energy Services, Inc.’s common stock and $7.00 in cash for each share of Complete Production/CPX stock held. Under the terms of the acquisition, the value offered to CPX shareholders is approximately $32.90 per share. “We believe that the transaction may significantly undervalue Complete Production Services, Inc. stock, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders,” said shareholder rights attorney Willie Briscoe.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $2.7 billion. The transaction is expected to be completed in the fourth quarter of 2011.
Although Complete Production has reported that the acquisition price represents an approximate 61% premium over Complete Production’s closing price on Friday, the day before the announcement, CPX stock traded as high as $42.62 per share as recently as July 25, 2011. “Based on these and other factors, we are investigating the fairness of the proposed transaction to CPX shareholders, whether the shareholders are being underpaid for their stock, and whether CPX’s Board of Directors acted in the shareholders’ best interest,” said Willie Briscoe.