Pride Shareholder Sues To Block $7.3B Ensco Merger

Law360, New York (February 10, 2011, 5:57 PM EST) -- A Pride International Inc. shareholder filed a proposed class action Thursday to block British oil driller Ensco PLC's $7.3 billion acquisition of the offshore drilling rig operator, alleging that fellow Pride shareholders got a raw deal.

Cary M. Abrams filed the suit in Harris County District Court in Texas, slamming Pride for accepting a low share price and a merger contract that prevents alternative offers from being considered.

“Immediate judicial intervention is warranted to rectify existing and irreparable harm to Pride's shareholders,” Abrams said in the...
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