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| Protecting the Rights of Shareholders and Consumers |
Smith International Inc. Securities Litigation
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Smith International Inc. (NYSE: SII) shareholder litigation in connection
with alleged unfair takeover offer
On February 21, 2010, Smith International Inc. (“Smith” or the “Company”)
announced that it agreed to sell the Company to Schlumberger Limited
("Schlumberger") (NYSE: SLB). Under the terms of the transaction, Smith
shareholders are to receive 0.6966 shares of Schlumberger in exchange
for each share of Smith common stock they own for a total transaction
value of approximately $11 billion.
The investigation concerns whether the Smith Board of Directors breached
their fiduciary duties to Smith stockholders by failing to adequately shop the
Company before entering into this transaction and whether Schlumberger
is underpaying for Smith shares, thus unlawfully harming Smith
stockholders.
with alleged unfair takeover offer
On February 21, 2010, Smith International Inc. (“Smith” or the “Company”)
announced that it agreed to sell the Company to Schlumberger Limited
("Schlumberger") (NYSE: SLB). Under the terms of the transaction, Smith
shareholders are to receive 0.6966 shares of Schlumberger in exchange
for each share of Smith common stock they own for a total transaction
value of approximately $11 billion.
The investigation concerns whether the Smith Board of Directors breached
their fiduciary duties to Smith stockholders by failing to adequately shop the
Company before entering into this transaction and whether Schlumberger
is underpaying for Smith shares, thus unlawfully harming Smith
stockholders.
