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Aker Drilling's CEO agrees to tender stock in Transocean's offer.

MANews-(C)2009-2011

2 September 2011 - Norwegian offshore drilling rig contractor Aker Drilling (OSL:AKD) said on Friday that its president and chief executive, Geir Sjoberg, had accepted to tender his 84,747 shares in the companyA in the NOK26.50 (USD4.9/EUR3.5) apiece tender offer launched by Swiss rival Transocean (NYSE:RIG) on 25 August.

The companya[euro](tm)s executive vice president of operations, Rune Askeland, also committed today his 58,479 Aker Drilling shares to the offer, the target firm said in a statement.

Neither of the two executive will hold any Aker Drilling stock following the transaction.

The NOK7.93bn offer, agreed on 15 August, will run until 23 September.Country: , NorwaySector: Water Transport, Petroleum/Natural Gas/CoalTarget: Aker Drilling ASABuyer: Transocean LtdVendor: Geir Sjoberg, Rune AskelandDeal size in USD: 287,000, 416,000Type: Divestment, Corporate acquisitionStatus: Agreed, BiddingComment: The offer for the entire company is worth USD1.5bn., The USD416,000 deal size refers to price for CEO's stock.

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Publication:M & A Navigator
Date:Sep 2, 2011
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