SAN DIEGO, Aug. 14, 2017 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP (J&W) has launched an investigation into whether the board members of Tesco Corporation (NASDAQ: TESO) ("Tesco") breached their fiduciary duties in connection with the proposed sale of the Company to Nabors Industries Ltd. ("Nabors"). Tesco engages in the design, assembly, and service delivery of technology-based solutions for the upstream energy industry in the United States and internationally.
On August 14, 2017, Tesco announced that it had signed a definitive merger agreement with Nabors. Under the deal terms, Tesco shareholders will be issued 0.68 common shares of Nabors for each outstanding share of common stock of Tesco. The transaction values Tesco common stock at $4.62 per share based on Nabors closing share price of $6.80 on August 11, 2017.
The investigation concerns whether the Tesco board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Tesco shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given that the price target for one Wall Street analyst is $10.00 per share and Tesco has over $80 million in cash and no long-term debt. Tesco's 52 - week high was $9.65.
If you are a shareholder of Tesco and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson & Weaver, LLP