TESCO Corporation Enters into Arrangement Agreement with Nabors Industries Ltd. in Stock-for-Stock Combination
TESCO (TESO)
Last tesco earnings: 11/7 06:00 am
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US:NASDAQ Investor Relations:
tescoplc.com/investors
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Source: GlobeNewswire
Each TESCO share exchanged for 0.68 of Nabors common shares, representing a 19% premium to the closing price of TESCO’s shares on August 11, 2017Transaction value represents a 30% premium to TESCO’s enterprise value (based on TESCO’s cash balance as of June 30, 2017)Transaction creates a leading rig equipment, tubular services and drilling automation providerAccelerates development and adoption of rig automation technologyTransaction expected to close in fourth quarter of 2017 HOUSTON, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Tesco Corporation ("TESCO" or the "Company") (NASDAQ:TESO) today announced that it has entered in to an Arrangement Agreement (“Agreement”) with Nabors Industries Ltd. (“Nabors”) (NYSE:NBR) to combine with Nabors in a stock-for-stock transaction. TESCO shareholders will be issued 0.68 common shares of Nabors for each outstanding share of common stock of TESCO. Upon consummation of this transaction, TESCO shareholders will own approximately 10% of the outstanding sh
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