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Sevan Drilling ASA's Board of Directors Decides Not to Recommend Shareholders to Accept Seadrill Ltd's Mandatory Offer

Thursday, 8 Aug 2013 02:32am EDT 

Sevan Drilling ASA announced that the company's Board of Directors has reviewed the Offer Document and the terms of the mandatory offer made by Seadrill Ltd (the Offeror) to acquire all shares in Sevan Drilling not already owned by Seadrill. Pursuant to the Offer Document, the Offer Price of NOK 3.95 per share represents a premium of 16.2% to the closing share price of NOK 3.40 on June 26, 2013, the last closing price prior to the Seadrill's announcement that it would make the Offer, and a premium of 18.3% and 5.9% over the volume weighted average price of the company's shares for the last three and six month periods, respectively, prior to announcement of the intention to make the Offer. However, the Offer Price represents a discount to more recent and current trading prices. In the Board's opinion, the Offer Price undervalue Sevan Drilling's assets and prospects, and represents a discount to analyst consensus (before and after announcement of the Offer and subsequent releases), net asset value estimates and target prices. Based on the above and other relevant factors, the Board of Sevan Drilling has concluded not to recommend the shareholders of Sevan Drilling to accept the Offer. 

Company Quote

0.16 +1.34%
26 Dec 2014