dealReporter Risk Arbitrage Weekly Overview 08 July 2010 - 15 July 2010

16/07/2010

Yesterday morning Seadrill announced it held 84% of all issued shares in Scorpion Offshore following the acceptances so far gained in the mandatory offer for Scorpion Offshore which ends on Friday. On Wednesday it announced Kistefos, Kistefos Investment and Christen Sveeas had accepted Seadrill’s offer, as had Gyljandi. The offer was recommended to its shareholders by the Board of Scorpion on Friday last week.
Yesterday morning Nippon Telegraph and Telephone Corporation announced they had reached an agreement on an offer for the South African Dimension Data. Dimension Data is headquartered in Johannesburg but incorporated in the UK and has its primary listing on the LSE. The offer values the whole company at GBP 2.05bn with an offer of 120 pence per share. This represents an 18% premium to the close on the last day previous to the announcement. It represents a 30% premium over the 6 months average closing price and a 50% premium over the 12 month average.
On Wednesday BW offshore announced it would make an offer for the entire share capital of Prosafe Production. The terms of the transaction were announced as 1.2 BW shares and NOK 2 in cash for each Prosafe share. Should the sale of Prosafe’s Turret Business be completed, according to the terms announced by Prosafe Production, the cash consideration is set to increase NOK 5.25.
Also on Wednesday, the European Union Competition Commission approved the BA/ Iberia merger without conditions.
Thursday last week saw the VT/Babcock deal completed and the recommended offer by Emmerson for Chloride be implemented

Press Release 15 July 2010.pdf

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dealReporter Risk Arbitrage Weekly Overview 08 July 2010 - 15 July 2010

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