Sidewinder's $242M Drilling Co. Bid Draws Fire From Firms

Law360, New York (September 25, 2012, 4:15 PM EDT) -- Private-equity backed Sidewinder Drilling Inc. has made a bid for the Union Drilling Inc. stock it doesn't already own in a deal that values Union at $242 million, prompting several law firms to suggest to shareholders Tuesday that the deal undervalues the company.

The all-cash $6.50 per share bid for 67.2 percent of the company's stock, which was also announced Tuesday, would merge the two Texas-based land drilling companies. Union Drilling noted the deal represents a 40 percent premium over the 60-day weighted average share price...
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