Union Drilling Shareholder Sues To Block $242M Deal

Law360, New York (October 19, 2012, 5:57 PM EDT) -- A Union Drilling Inc. shareholder launched a putative class action Friday seeking to block private equity-backed Sidewinder Drilling Inc. from buying all outstanding Union stock in a deal that values Union at $242 million.

In a complaint filed in Texas federal court, Union shareholder Charles Lewis said Union executives violated securities laws by failing to disclose important facts about the sales process and Union's financial projections, leaving shareholders unable to cast informed votes on the deal.

The executives also agreed to preclusive deal mechanisms — including...
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