Oil driller Ensco to buy Pride for $7.31B (AP)
NEW YORK – Offshore lubricator chisel operator Ensco says it module acquire Pride International in a care valued at most $7.31 billion.
Stockholders of Houston-based Pride International Inc. module obtain 0.4778 new issued shares of London's Ensco PLC plus $15.60 in cash for apiece share of Pride ordinary stock. When the care closes, Pride stockholders collectively module possess most 38 proportionality of Ensco's outstanding shares.
The $41.60-per-share offer toll is a 21 proportionality payment to Pride's closing toll on Friday.
The care was approved by apiece company's board of directors. It is due to near as soon as the second quarter.
The estimated continuance of the compounded consort is $16 billion.
Pride shares jumped $5.57, or 16.2 percent, to $39.96 in premarket trading. Ensco shares fell $2.41, or 4.4 percent, to $52.
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