Atwood Oceanics, Inc. (NYSE:ATW) Investor Investigation Over Possible Wrogndoing In Acquisition Announced

If you purchased shares of Atwood Oceanics, Inc. (NYSE:ATW) and currently hold any of those NYSE:ATW shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Atwood Oceanics
Affected Securities: 

June 12, 2017 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Atwood Oceanics, Inc. (NYSE:ATW), was announced concerning whether the takeover of Atwood Oceanics, Inc. by Ensco plc for a value of approximately $10.72 per share is unfair to NYSE:ATW stockholders.

The investigation by a law firm concerns whether certain officers and directors of Atwood Oceanics, Inc. breached their fiduciary duties owed to NYSE:ATW investors in connection with the proposed acquisition.

On May 30, 2017, Ensco plc (NYSE: ESV) and Atwood Oceanics, Inc. (NYSE:ATW) announced that they have entered into a merger agreement under which Ensco will acquire Atwood in an all-stock transaction. Under the terms of the merger agreement, Atwood Oceanics, Inc. (NYSE:ATW) shareholders will receive 1.60 shares of Ensco plc for each share of Atwood Oceanics, Inc. (NYSE:ATW) common stock for a total value of $10.72 per NYSE:ATW share based on Ensco's closing share price of $6.70 on 26 May 2017.

However, given that at least one analyst has set the target price for NYSE:ATW shares at $15.00 per share and given that NYSE:ATW reached in the open market as recently as January 2017 as high as $14.05 per share, the investigation concerns whether the offer is unfair to NYSE:ATW stockholders. More specifically, the investigation concerns whether the Atwood Oceanics Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.