A lawsuit was filed for investors in shares of Atwood Oceanics, Inc. (NYSE:ATW) in connection with the proposed takeover and NYSE:ATW stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/14/2017 -- The Shareholders Foundation announces that an investor in NYSE:ATW shares filed a lawsuit in effort to halt the proposed takeover of Atwood Oceanics, Inc. by Ensco plc.
Investors who purchased shares of Atwood Oceanics, Inc. (NYSE:ATW) and currently hold any of those NYSE:ATW shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:ATW stockholders by agreeing to sell Atwood Oceanics, Inc cheaply via an unfair process to Ensco plc.
On May 30, 2017, Ensco plc (NYSE: ESV) and Atwood Oceanics, Inc. (NYSE:ATW) announced that they have entered into a merger agreement under which Ensco will acquire Atwood in an all-stock transaction. Under the terms of the merger agreement, Atwood Oceanics, Inc. (NYSE:ATW) shareholders will receive 1.60 shares of Ensco plc for each share of Atwood Oceanics, Inc. (NYSE:ATW) common stock for a total value of $10.72 per NYSE:ATW share based on Ensco's closing share price of $6.70 on 26 May 2017.
However, plaintiff claims that the proposed consideration NYSE:ATW shareholders will receive is grossly inadequate and undervalues Atwood Oceanics, Inc. Indeed, at least one analyst has set the target price for NYSE:ATW shares at $15.00 per share and NYSE:ATW reached in the open market as recently as January 2017 as high as $14.05 per share. In addition, the plaintiff alleges that the process is also unfair NYSE:ATW stockholders. The plaintiff claims that the defendants agreed to preclusive deal protection devices such as a $30 million termination fee, a matching rights, and a non-solicitation clause that deter other bidders from making a superior offer for Atwood Oceanics.
On July 13, 2017, NYSE:ATW shares closed at $ per share.
Those who are current investors in Atwood Oceanics, Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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