Shareholder Suit Aims to Stop Ensco-Pride Deal
New York Times, Feb. 11, 2011
February 10, 2011 at 07:00 PM
2 minute read
The original version of this story was published on Law.com
A Pride International shareholder has filed a class action lawsuit against the Houston-based company, hoping to halt its planned merger with Ensco, a rival offshore oil drilling contractor.
The suit, filed Thursday in Harris County, Texas court, alleges that Pride “violated” its fiduciary duty to shareholders by agreeing to an “unfair and grossly inadequate” deal. Such lawsuits are fairly common after a high-profile merger is announced.
Read the full New York Times story, “Shareholder Suit Aims to Stop Ensco-Pride Deal.”
A Pride International shareholder has filed a class action lawsuit against the Houston-based company, hoping to halt its planned merger with Ensco, a rival offshore oil drilling contractor.
The suit, filed Thursday in Harris County, Texas court, alleges that Pride “violated” its fiduciary duty to shareholders by agreeing to an “unfair and grossly inadequate” deal. Such lawsuits are fairly common after a high-profile merger is announced.
Read the full
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