An investigation on behalf of investors of Tesco Corporation (USA) (NASDAQ:TESO) in connection with the proposed takeover was announced and NASDAQ:TESO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/01/2017 -- The takeover of Tesco Corporation is under investigation over potential securities laws violations. The investigation was announced for investors in NASDAQ:TESO shares concerning whether the takeover of Tesco Corp. by Nabors Industries Ltd is unfair.
Investors who purchased shares of Tesco Corporation (USA) (NASDAQ:TESO) and currently hold any of those NASDAQ:TESO 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 officers and directors of Tesco Corporation breached their fiduciary duties owed to NASDAQ:TESO investors in connection with the proposed acquisition.
On August 14, 2017, Tesco Corporation (USA) (NASDAQ:TESO) announced that it has entered in to an Arrangement Agreement ("Agreement") with Nabors Industries Ltd. (NYSE:NBR) to combine with Nabors in a stock-for-stock transaction. TESCO shareholders will be issued 0.68 common shares of Nabors for each outstanding share of common stock of TESCO. This transaction values Tesco Corporation (USA) (NASDAQ:TESO) common stock at $4.62 per share based on Nabors closing share price of $6.80 on the New York Stock Exchange on August 11, 2017.
However, given that at least one analyst has set the high target price for NASDAQ:TESO shares at $10.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:TESO stockholders. More specifically, the investigation concerns whether the Tesco 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 August 31, 2017, Tesco Corporation (USA) (NASDAQ:TESO) shares closed at $4.40 per share.
Those who are current investors in Tesco Corporation (USA) 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