NEW YORK, Aug. 15, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Tesco Corporation ("TESO" or the "Company") (NASDAQ: TESO) in connection with the proposed acquisition of the Company by Nabors Industries Ltd. ("NBR") (NYSE: NBR). Under the terms of the acquisition agreement, the Company's shareholders will receive 0.68 of a share of NBR for each TESO share they own, representing consideration of $4.51 based on NBR's August 14 closing price.
WeissLaw is investigating whether TESO's Board acted to maximize shareholder value prior to entering into the agreement. Notably, TESO shares traded at $4.80, or nearly $0.30 above the per-share consideration, two weeks ago on August 1. Additionally, at least one analyst set a target price of $9.00, or $4.49 above the per-share consideration. Finally, upon completion of the transaction, TESO shareholders will own a meagre 10% of the outstanding NBR shares.
Given these facts, WeissLaw is investigating whether TESO's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own TESO shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/tesco-corporation/
SOURCE WeissLaw LLP