An investigation on behalf of investors of Atwood Oceanics, Inc. (NYSE:ATW) in connection with the proposed takeover was announced and NYSE:ATW stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/07/2017 -- The acquisition of Atwood Oceanics is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold NYSE:ATW shares, concerning whether the takeover of Atwood Oceanics, Inc. by Ensco plc for a value of approximately $10.72 per share is unfair to NYSE:ATW stockholders.
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 mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Atwood Oceanics, Inc. breached their fiduciary duties owed to NYSE:ATW investors in connection with the proposed acquisition.
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, given that at least one analyst has set the target price for NYSE:ATW shares at $15.00 per share and given that NYSE:ATW reached in the open market as recently as January 2017 as high as $14.05 per share, the investigation concerns whether the offer is unfair to NYSE:ATW stockholders. More specifically, the investigation concerns whether the Atwood Oceanics 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.
On June 6, 2017, NYSE:ATW shares closed at $9.96 per share.
Those who are current investors in Atwood Oceanics, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
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
mail@shareholdersfoundation.com