Bernstein Liebhard LLP Announces Investigation of Acquisition of Smith International, Inc. by Schlumberger Limited
February 22, 2010
Bernstein Liebhard LLP is investigating whether the Board of Directors of Smith International, Inc. (“Smith”) (NYSE: SII) breached its fiduciary duty to its shareholders in agreeing to sell Smith to Schlumberger Limited (“Schlumberger”) (NYSE: SLB).
Under the terms of the agreement, Smith shareholders will receive 0.6966 shares of Schlumberger, worth $45.84, in exchange for each Smith share they hold, for a total transaction value of over $11 billion.
The investigation concerns whether the Smith Board of Directors breached their fiduciary duties to Smith stockholders by failing to adequately shop Smith before entering into the merger agreement, and whether Schlumberger is underpaying for Smith shares, thus harming Smith stockholders.
Bernstein Liebhard has pursued hundreds of securities and consumer cases and recovered approximately $2 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last seven years