Robbins Umeda LLP Is Investigating Bronco Drilling Company, Inc. Acquisition for Shareholders
16 Avril 2011 - 2:45AM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of Bronco Drilling Company, Inc.
(NASDAQ: BRNC). The firm has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by members of the board of directors of Bronco in connection
with their efforts to be acquired by Chesapeake Energy Corporation
(NYSE: CHK).
If you own stock in Bronco and would like more information about
your shareholder rights, please contact Gregory E. Del Gaizo at
800-350-6003 or via the shareholder information form on our
website.
On April 15, 2011, Chesapeake and Bronco announced they have
entered into a definitive agreement under which Chesapeake will
make a cash tender offer to acquire outstanding shares of Bronco.
The current agreement proposes a two-step transaction. First, a
wholly owned subsidiary of Chesapeake will make a cash tender offer
for all outstanding shares of Bronco common stock at $11 per share
in cash. Second, the tender offer will be followed by a merger in
which the holders of the outstanding shares of Bronco common stock
not purchased in the tender offer will receive the same price per
share paid in the tender offer. Upon completion of the transaction,
Bronco will become an indirect wholly owned subsidiary of
Chesapeake. The transaction is expected to close in the second
quarter of 2011.
The investigation focuses on whether Bronco's board is
undertaking a fair process to obtain maximum value for its
shareholders. Of particular note, the proposed consideration is at
only an approximately 6% premium to Bronco's closing price the day
before the announcement of the deal. Further, following Bronco's
fourth quarter 2010 earnings release, which beat analyst
expectations, several analysts raised Bronco's target price to
$13.50.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/bronco-drilling-company-inc/
Attorney Advertising.
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