Why Ocean Rig UDW Inc.'s Stock Is Soaring Today [The Motley Fool]
OCEAN RIG UDW (ORIG)
US:NASDAQ Investor Relations:
ocean-rig.irwebpage.com/ir.html
Company Research
Source: The Motley Fool
The offshore driller is joining forces with an industry giant. Matthew DiLallo ( TMFmd19 ) Sep 4, 2018 at 11:50AM What happened Shares of Ocean Rig UDW Inc. ( NASDAQ:ORIG ) rallied nearly 12% by 10:45 a.m. EDT on Tuesday after Transocean ( NYSE:RIG ) agreed to acquire the offshore driller for $2.7 billion in cash and stock. So what Transocean offered 1.6128 shares of its stock and $12.75 per share in cash for each of Ocean Rig's shares. The deal implies a value of $32.28 per share, which is a 20.4% premium to its average price in the 10 trading days before the announcement. Current investors in Ocean Rig would own 21% of the combined company once the deal closes, which Transocean expects will happen in the first quarter of next year. Image source: Getty Images. The transaction will enhance Transocean's position as a leader in
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