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Offshore drilling cos. agree to increased acquisition offer, plan new shareholder meetings

Olivia Pulsinelli
Offshore drilling cos. agree to increased acquisition offer, plan new shareholder meetings

London-based Ensco PLC (NYSE: ESV) and Houston’s Rowan Companies PLC (NYSE: RDC) have reached an agreement updating the terms of a previously announced multibillion-dollar acquisition. Now, Rowan shareholders will receive 2.75 Ensco shares for each Rowan share that they own, the companies announced in Jan. 29 press releases. The new exchange ratio is also higher than Ensco’s recent offer of 2.6 Ensco shares per Rowan share, which was the highest Ensco said it was prepared to offer on Jan. 14.