NEW YORK--(BUSINESS WIRE)-- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Union Drilling, Inc. (“Union Drilling” or the “Company”) (NASDAQ: UDRL) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Sidewinder Drilling Inc., Houston-based land drilling company controlled by Avista Capital Partners, in an all-cash deal valued at about $242 million. Under the terms of the proposed transaction, Union Drilling stockholders will receive approximately $6.50 in cash for each share of Union Drilling they own. The proposed transaction is structured as a tender offer and may be effectuated without a shareholder vote.
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The investigation focuses on whether Union Drilling’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Union Drilling’s shares and by how much this proposed transaction undervalues the Company to the detriment of Union Drilling’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Union Drilling and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/UDRL or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
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Source: Faruqi & Faruqi, LLP