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If you purchased shares of the Union Drilling, Inc. (NASDAQ:UDRL) prior to September 25, 2012, and currently hold any of those NASDAQ:UDRL shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
Sept. 25, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Union Drilling, Inc. (NASDAQ:UDRL) shares was announced concerning whether the offer by Sidewinder Drilling Inc to acquire Union Drilling, Inc. for $6.50 per NASDAQ:UDRL share and the takeover process are unfair to investors in NASDAQ:UDRL shares.
The investigation by a law firm concerns whether certain officers and directors ofUnion Drilling, Inc. breached their fiduciary duties owed to NASDAQ:UDRL investors in connection with the proposed acquisition.
On September 25, 2012, Union Drilling, Inc. (NASDAQ:UDRL) and Sidewinder Drilling Inc. announced that the two companies have entered into an agreement and plan of merger pursuant to which Sidewinder Drilling Inc 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 Drilling's acquisition subsidiary, Fastball Acquisition, Inc. will commence a cash tender offer to purchase all of the outstanding shares of Union Drilling for $6.50 per share.
However, NASDAQ:UDRL shares traded earlier this year as high as $7.52 per share and in late 2011 as high as $8.14 per share and in April 2012 as high as $13.51 per share, thus well above the current offer. In addition, Union Drillings financial performance improved lately. For instance, Union Drilling, Inc. (NASDAQ:UDRL) reported that its annual Revenue rose from $168.92 million in 2009 to $250.89 million in 2011 and its Net Loss decreased from $12.03 million in 09 to $5.35 million in 2011. Furthermore, shares of Union Drilling, Inc. (NASDAQ:UDRL) grew from as low as$2.87 per share to as high as $13.51 per share in April 2011.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:UDRL stockholders.
Specifically, the investigation focuses on whether the Union Drilling Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
