Shareholders Foundation, Inc.

Atwood Oceanics, Inc. (NYSE:ATW) Investor Lawsuit Filed Against Acquisition by Ensco Plc

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 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.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739