Aug. 13, 2010 (Business Wire) -- Kendall Law Group, a national securities firm led by a former federal judge with attorneys that include a former U.S. Attorney, is investigating Allis-Chalmers Energy, Inc. (NYSE: ALY) for shareholders in connection with the proposed acquisition by Seawell Limited, a subsidiary of SeaDrill Limited. The firm’s investigation seeks to determine whether Allis-Chalmers and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are an Allis-Chalmers shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at skendall@kendalllawgroup.com.
On August 13, 2010 Seawell and Allis-Chalmers announced that their Boards of Directors unanimously approved a definitive merger agreement under which Allis-Chalmers would be acquired by Seawell. Under the terms of the agreement, Allis-Chalmers stockholders will receive either $4.25 in cash or 1.15 Seawell common shares for each share of Allis-Chalmers common stock, subject to proration if more than 35% of the shares elect to receive cash. Seawell stock is currently traded on the NOTC list administered by the Norwegian Securities Dealers Association. Allis-Chalmers stock had a $4.20 closing price as recently as April 29, 2010. Additionally, according to Thompson/First Call, at least one analyst has set a price target of $7 per share.
Kendall Law Group was founded by former federal judge Joe Kendall, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.
Kendall Law Group LLP
Scott Kendall, 214-744-3000
Toll Free:
877-744-3728
Facsimile: 214-744-3015
skendall@kendalllawgroup.com
www.kendalllawgroup.com
