Printer Friendly

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


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.

COPYRIGHT 2011 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M & A Navigator
Date:Sep 2, 2011
Previous Article:Odfjell to invest in minority stake in Belgian NNT.
Next Article:Tyco Intl wraps up USD130m takeover of Chemguard.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters