Aug. 19, 2010 (Business Wire) -- Attorney Advertising. The law firm of Wolf Haldenstein Adler Freeman & Herz LLP is investigating possible breaches of fiduciary duty by the Board of Directors of Allis-Chalmers Energy, Inc. (“Allis-Chalmers” or the “Company”) [NYSE:ALY] arising out of the proposed acquisition of Allis-Chalmers by Seawell Limited (“Seawell”).
On Thursday, August 12, 2010, Seawell and Allis-Chalmers announced that Seawell will acquire Allis-Chalmers pursuant to a cash or stock offer. Under the terms of the agreement, Allis-Chalmers stockholders can elect to receive $4.25 in cash or 1.15 common shares of Seawell in exchange for each share of Allis-Chalmers common stock, subject to pro-ration if more than 35% of the shares elect to receive cash. However, the stock to be received will trade on the illiquid Oslo stock market. Furthermore, Lime Rock, the Company’s largest shareholder will continue to have significant authority in the new company at the expense of the Company’s minority shareholders.
Wolf Haldenstein has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you own Allis-Chalmers common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
| Martin Restituyo or Derek Behnke | ||
| Wolf Haldenstein Adler Freeman | ||
| & Herz LLP | ||
| 270 Madison Avenue | ||
| New York, New York 10016 | ||
| Phone Numbers: | (800) 575-0735 | |
|
| (212) 545-4600 | |
| Email: | restituyo@whafh.com | |
|
| Classmember@whafh.com | |
| Website: | http://www.whafh.com | |
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Wolf Haldenstein Adler Freeman & Herz LLP
Martin Restituyo or
Derek Behnke
800-575-0735
212-545-4600
restituyo@whafh.com
Classmember@whafh.com
http://www.whafh.com
