Skadden Aids Seawell In $890M Allis-Chalmers Deal

Law360, New York (August 13, 2010, 1:23 PM EDT) -- Oil and gas driller Seawell Ltd. announced Friday that it had acquired Allis-Chalmers Energy Inc. for $890 million, including Allis-Chalmers' debt.

Allis-Chalmers stockholders will have the choice to receive either $4.25 in cash or 1.15 shares of Seawell stock for each share of Allis-Chalmers common stock. If more than 35 percent of Allis-Chalmers' shareholders elect to receive cash, all those choosing to receive stock will get a prorated share of the 1.15-share exchange offer, according to the companies.

The offer represents a 77 percent premium on...
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