Allis-Chalmers Sued Over $890M Seawell Tie-Up

Law360, New York (August 17, 2010, 2:24 PM EDT) -- An Allis-Chalmers Energy Inc. shareholder has launched a putative class action against the oil and gas company and its board of directors, claiming they breached their fiduciary duty by accepting an $890 million buyout offer from Norway's Seawell Ltd.

The offer Allis-Chalmers' board accepted — $4.25 in cash or 1.15 in Seawell common shares per Allis-Chalmers share — is “unfair and grossly inadequate” to the company's shareholders, Marvin Girard said Monday in a suit lodged in the Delaware Chancery Court.

Seth D. Rigrodsky of Rigrodsky &...
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