On Monday Ensco Plc announced its new proposal for the merger with Rowan Companies.<\/p>\n
Instead of the previous exchange ratio of 2.215 Ensco shares to every share of Rowan, the new exchange rate will be 2.6 to every share of Rowan. This adds up to a 17.4% increase for shareholders.<\/p>\n
At closing Rowan shareholders will own about 43% and Ensco shareholders will own about 57% of the outstanding shares of the combined company. There are no other changes that have been proposed to the original deal. Furthermore, Ensco added, \u201c\u2026this proposal is final and represents the maximum exchange ratio that Ensco is prepared to offer. \u201c<\/p>\n
The board of directors at Ensco Plc have already voted to approve the deal.<\/p>\n
Upon the merger completion, the combined company would possess a robust financial standing with $3.7 billion of total liquidity, $2.6 billion of contracted revenue, and unmatched geographical coverage.<\/p>\n
The deal is not complete as of yet.<\/p>\n
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