Pride, Ensco Tweak Merger Deal To Settle Class Action

Law360, New York (May 20, 2011, 10:43 PM EDT) -- Houston-based Pride International Inc. on Friday said it will settle a shareholder class action in Delaware court over a proposed $7.3 billion acquisition by British oil driller Ensco PLC, agreeing to lower the merger agreement's termination fee.

Pride and Ensco face several lawsuits in state and federal courts that allege shareholders got a raw deal in the merger, announced in February, in which Ensco agreed to pay $41.60 for each share of Pride and give Pride shareholders 0.47 newly issued shares of Ensco plus $15.60 in...
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