Pomerantz Law Firm Investigates Claims On Behalf Of Investors Of Union Drilling, Inc.

Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Union Drilling, Inc. (“Union Drilling” or the “Company”) (NASDAQ: UDRL) (ISIN: US90653P1057) concerning the proposed acquisition of Union Drilling by Sidewinder Drilling Inc. in a cash transaction valued at approximately $242 million.

The investigation concerns whether the Union Drilling directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, Union Drilling shareholders would receive $6.50 in cash per share of Union Drilling common stock. However, the Price to EBITDA and Revenue multiples are below that of comparable transactions. Additionally, at least one analyst has set a target price of $7.00 per share of Union Drilling common stock.

Union Drilling shareholders seeking more information about this acquisition are advised to contact Rebecca Jarmon at rjarmon@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 314.

The Pomerantz Firm, with offices in New York, Chicago and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.

Copyright Business Wire 2010

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