Seadragon Buckles Down for a 'Takeover' After Equity Investment Offer

SeaDragon Offshore Limited (SDOL) has received an outline offer, which is subject to certain conditions including the results of a due diligence exercise, for a new equity investment of over US$250 million.

If the equity investment is made, it is expected that an offer will be made to existing shareholders to acquire their shares for a price which is expected to be at, or around, US$8 per share.

Acceptance of the offer by all, or any, of the existing shareholders is not a condition of the subscription by the offeror for new equity. The Board of SDOL welcomes this approach and is working with the offeror to allow them to complete their due diligence. The Board of SDOL will make a further announcement about these offers in due course.

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