The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Complete Production Services, Inc.
11 Ottobre 2011 - 5:34PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the acquisition of Complete Production
Services, Inc. (“Complete Production” or “CPX”) (NYSE: CPX) by
Superior Energy Services, Inc. for CPX shareholders. Under the
terms of the proposed agreement, Complete Production shareholders
will receive only 0.945 shares of Superior Energy Services, Inc.’s
common stock and $7.00 in cash for each share of Complete
Production/CPX stock held. Under the terms of the acquisition, the
value offered to CPX shareholders is approximately $32.90 per
share. “We believe that the transaction may significantly
undervalue Complete Production Services, Inc. stock, and our
anticipated lawsuit will seek to obtain the highest share price for
all shareholders,” said shareholder rights attorney Willie
Briscoe.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $2.7 billion. The transaction
is expected to be completed in the fourth quarter of 2011.
Although Complete Production has reported that the acquisition
price represents an approximate 61% premium over Complete
Production’s closing price on Friday, the day before the
announcement, CPX stock traded as high as $42.62 per share as
recently as July 25, 2011. “Based on these and other factors, we
are investigating the fairness of the proposed transaction to CPX
shareholders, whether the shareholders are being underpaid for
their stock, and whether CPX’s Board of Directors acted in the
shareholders’ best interest,” said Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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