Sidewinder Drilling, Union Drilling Announce Early Termination of HSR Waiting Period
Union Drilling (NASDAQ: UDRL) ("Union Drilling"), a land drilling services and equipment contractor headquartered in Fort Worth, Texas, and Sidewinder Drilling Inc. ("Sidewinder"), a Houston-based land drilling company controlled by Avista Capital Partners, today announced the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), relating to the previously announced proposed acquisition of all outstanding shares of common stock of Union Drilling by Sidewinder's acquisition subsidiary, Fastball Acquisition Inc. ("Fastball"). Accordingly, the condition to the closing of the transactions previously disclosed with respect to the expiration or termination of the applicable waiting period under the HSR Act has been satisfied.
As previously disclosed, on October 5, 2012, Fastball commenced a cash tender offer to acquire all of the outstanding shares of common stock of Union Drilling at a price of $6.50 per share, net to the seller in cash without interest thereon and less any applicable withholding taxes. The tender offer is being made pursuant to an offer to purchase and a related letter of transmittal, each dated October 5, 2012, and a merger agreement entered into on September 24,