NEW YORK, Sept. 25, 2012 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating the acquisition of Union Drilling, Inc. (Nasdaq: UDRL). Union Drilling, Inc. and Sidewinder Drilling Inc. today announced that the two companies have entered into a definitive agreement and plan of merger pursuant to which Sidewinder will acquire all of the outstanding shares of Union Drilling common stock in an all-cash tender offer valued at approximately $242 million.
Under the terms of the agreement and plan of merger, Sidewinder will commence a cash tender offer to purchase all of the outstanding shares of Union Drilling for $6.50 per share.
The investigation concerns whether the Board of Directors of Union breached their fiduciary duties to shareholders by not engaging in a full and fair auction for the company to obtain the highest price possible, while not obtaining personal benefits for themselves to shareholders detriment. Indeed, the book value alone of Union is worth at least $8.76 per share.
If you are a shareholder of Union and would like additional information concerning this matter, please contact us toll free at 877-772-3975 or email us at email@example.com
Tripp Levy PLLC is a leading national law firm and has recovered millions of dollars for shareholders in similar actions around the globe. Attorney advertising – prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC