Ensco raises Rowan bid. Says proposal is final


Offshore drilling company Ensco has raised its offer for rival Rowan Companies, offering an increase in the exchange ratio for its all-stock combination with Rowan. The increased offer comes a week after it was announced that one of Rowan’s major shareholders, Canyon Partners, would oppose the merger saying the deal significantly undervalues Rowan.

Ensco on Monday said that new offer would see Rowan receiving 2.600 Ensco shares for each Rowan share, a 17.4% increase from the exchange ratio of 2.215 contemplated by the transaction agreement announced on October 7, 2018.

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