Smith International, Inc. (NYSE:SII) is currently under investigation by Bernstein Liebhard LLP. The investigation is concerned with the possible breach in fiduciary duty to the company’s shareholders in the agreement to sell Smith to Schlumberger Limited (NYSE:SLB). Pursuant to the terms of the agreement, Smith shareholders were to receive 0.6966 shares of Schlumberger, valued at $45.84, in exchange for each share of Smith they held. The total transaction was valued at $11 billion.
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Bernstein Liebhard is concerned with whether the company’s Board of Directors failed to adequately shop Smith before entering into the agreement. The firm believes that Schlumberger may be underpaying for the Smith Shares, resulting in harm to the company’s stockholders. Smith International shareholders are advised to contact U. Seth Ottensoser at 877.779.1414 to learn more about their rights.
Smith International, Inc. (Smith) is a provider of products and services used during the drilling, completion and production phases of oil and natural gas development activities. The Company operates in three operating divisions: M-I SWACO, Smith Oilfield and Distribution. In addition to the W-H operations, the Company provides a range of technologically-advanced products and engineering services, including drilling and completion fluid systems, solids-control and separation equipment, waste-management services, oilfield production chemicals, three-cone and diamond drill bits, borehole enlargement services, tubulars, packers, liner hangers, fishing services and casing exit and multilateral systems. The Company also offers supply-chain management solutions through North American branch network providing pipe, valves and fittings as well as mill, safety and other maintenance products. On August 25, 2008, the Company completed the acquisition of W-H Energy Services, Inc. (W-H).
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