NEW YORK, Feb. 7, 2011 (GLOBE NEWSWIRE) -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Pride International Inc. (NYSE:PDE) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell Pride International to Ensco Plc ("Ensco") in a transaction valued at approximately $7.3 billion.
Under the terms of the definitive agreement, Pride International shareholders will receive 0.4778 shares of Ensco stock and $15.60 per share with an implied total value of $41.60 per share. This represents a 26% premium over the Company's trading price of the last twenty days, which is considerably lower than the 31% premium paid in similar transactions over the past year. Our investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Pride International.
If you own shares of Pride International and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Matthew Houston toll free at (877) 935-7400 or to sign up online, visit www.hfesq.com. You may also email Mr. Houston at mhouston@hfesq.com. For more information about class action cases in general, please visit our website: www.hfesq.com.
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