A majority of the outstanding shares in Fort Worth-based Union Drilling has been tendered to a unit of Sidewinder Drilling, which in October announced a buyout for Union worth about $140 million. Sidewinder said in a news release Monday morning that after the expiration of its tender offer at midnight Nov. 2, nearly 77 percent of Union's outstanding shares were tendered. Sidewinder also holds other shares separately, raising its ownership of Union shares to 91.8 percent. The Sidewinder unit, named Fastball Acquisition, said it "intends to move forward" to merge with Union, which is expected to become a wholly-owned subsidiary of Sidewinder on Monday.
-- Jim Fuquay
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