BMO Capital Downgrades Union Drilling (UDRL) to Market Perform

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Go back to BMO Capital Downgrades Union Drilling (UDRL) to Market Perform

Sidewinder Drilling to Acquire Union Drilling (UDRL) in $242M Deal

September 25, 2012 6:41 AM EDT

Union Drilling, Inc. (Nasdaq: UDRL) and Sidewinder Drilling Inc., a Houston-based land drilling company controlled by Avista Capital Partners, today announced that the two companies have entered into a definitive agreement and plan of merger pursuant to which Sidewinder will acquire all of the outstanding shares of Union Drilling common stock in an all-cash tender offer valued at approximately $242 million.

Under the terms of the agreement and plan of merger, which has been unanimously approved by Union Drilling's Board of... More