DryShips toTake Over Ocean Rig ASA
On May 14, 2008, Primelead Limited, a 100% subsidiary of DryShips Inc., made a mandatory offer for all of the shares in Ocean Rig ASA at an offer price of NOK 45 per share.
According to the Offer Document, the price offered of NOK 45 per share represents a premium of:
The Board has taken into consideration that DryShips holds an aggregate of 75.15%, equal to 128,035,373 shares of Ocean Rig ASA. DryShips has stated in the Offer Document an intent to de-list Ocean Rig ASA from the Oslo Stock Exchange, which requires a 2/3 majority of the voting shares at the shareholders' meeting.
The Board has not been approached by any third party indicating an interest in making a competing offer for the shares of Ocean Rig ASA. The Board considers it unrealistic to obtain a competing offer as long as DryShips controls more than 75% of the issued shares in Ocean Rig ASA.Based on the fact that DryShips controls more than 2/3 of the shares of the Company and the expressed plan for a de-listing of Ocean Rig ASA from the Oslo Stock Exchange, the Board has unanimously decided that it will not advise against acceptance of the bid. For the same reason Directors of the Board who own shares in Ocean Rig ASA together with the Chief Executive Officer intend to accept the bid or sell their shares in the market.
Manages 14 Offshore Rigs
- Avenue Capital Urges Ocean Rig To Hire Advisers (Oct 17)
- Rig Contractor Ocean RIG Files For Bankruptcy Protection In US (Mar 28)
- Ocean Rig Acquires an Ultra Deepwater Drillship for $65M (Apr 27)
Company: Dryships Inc. more info
- Dryships to Sell Stake to Fund Deepwater Drillships (Dec 03)
- Dryships Seeks 4 New Ultra-Deepwater Drillships for $2.4B (Nov 23)
- DryShips Appoints Interim CEO for Subsidiary (Jul 15)