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Transocean Bid Approved by Aker Investors

Fri, 08/26/2011 - 5:37am
the Associated Press

NEW YORK (AP) — Offshore rig owner Transocean Ltd. said Friday it has formally launched its offer for Norway's Aker Drilling ASA.

Transocean announced its $1.43 billion bid for Aker earlier this month. It is offering 26.50 kroner ($4.92) per share in cash for the company. The deal also includes $800 million in debt.

Transocean said it already has purchased 13.7 percent of the company, and investors holding 59.5 percent of the company's shares have said they would accept the offer. The Oslo Stock Exchange also has approved the deal.

Aker runs two semi-submersible rigs on long-term contract to Statoil and Det Norske in Norway.

Transocean shares fell 92 cents, or 1.8 percent, at $50.55 in premarket trading.

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