SOURCE: Brower Piven, A Professional Corporation

February 10, 2011 17:36 ET

Brower Piven Announces Class Action Lawsuit in Connection With the Acquisition of Pride International, Inc. by Ensco PLC

STEVENSON, MD--(Marketwire - February 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the District Court of Harris County, Texas on behalf of all shareholders of Pride International, Inc. ("Pride" or the "Company") (NYSE: PDE) for breaches of fiduciary duty to current shareholders and other violations of state law by Pride's Board of Directors relating to the proposed acquisition of Pride by Ensco PLC ("Ensco").

The complaint alleges that on February 7, 2011, the companies announced that they had entered into a definitive merger agreement for Pride to be acquired by Ensco in a transaction valued at approximately $7 billion. According to the complaint, under the terms of the agreement, Pride stockholders will receive 0.4778 newly-issued shares of Ensco plus $15.60 in cash for each share of Pride common stock, valuing each Pride share at $41.60. Analyst targets have been as high as $42 per share. The complaint alleges that the proposed acquisition is also unfair because as part of the merger agreement, Pride's Board of Directors agreed to certain onerous and preclusive deal protection devices that operate conjunctively to make the proposed transaction a fait accompli and ensure that no competing offers will emerge for the Company, including a strict "no shop" provision and a steep $260 million termination fee.

If you are a current owner of shares of Pride, you may obtain additional information about this lawsuit by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browrpiven.com, by calling 410-415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410-415-6616
    Email Contact