Block & Leviton LLP Investigates Union Drilling, Inc. For Possible Breaches Of Fiduciary Duty In Connection With Its Proposed Going Private Transaction With Sidewinder Drilling Inc.
BOSTON, Sept. 25, 2012 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of Union Drilling, Inc. ("Union Drilling" or the "Company") (NASDAQ: UDRL) with regards to the proposed going-private acquisition of the Company by Sidewinder Drilling Inc. ("Sidewinder") in an all cash tender offer transaction. Sidewinder is a wholly owned subsidiary of Avista Capital Partners, a private equity firm.
Under the terms of the agreement, Union Drilling shareholders will receive $6.50 for each Union Drilling share of common stock. Based on Union Drilling's closing share price on September 24, 2012, this equates to a premium of less than 6 percent. Block & Leviton's investigation seeks to determine, among other things, whether Union Drilling's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed merger with Sidewinder. Union Drilling's shares have traded above the offer price as recently as Friday, September 21, 2012, when the stock reached $6.69 a share. The Company's share price hit a 52-week high of $8.42 in November 2011.
If you have information relevant to this investigation, or if you are a Union Drilling shareholder and have questions about your legal rights, please contact attorney Steven P. Harte, Esq. at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. email@example.com (617) 389-5600 SOURCE Block & Leviton LLP
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