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Article: SONAT OFFSHORE DRILLING REVISES OFFER FOR TRANSOCEAN ASA, RECEIVES COMMITMENT FROM LARGEST SHAREHOLDER

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PR Newswire
Article date:
May 20, 1996
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HOUSTON, May 20 /PRNewswire/ -- Sonat Offshore Drilling Inc. (NYSE: RIG) today announced that it had revised its previously announced proposal to combine with Transocean ASA (Transocean) and received the commitment of Transocean's largest shareholder to support the transaction.

Sonat Offshore Drilling said that it planned to offer .53 of a share of Sonat Offshore Drilling common stock per Transocean share for 80% of the outstanding Transocean shares and $27.25 per Transocean share for the remaining Transocean shares. Sonat Offshore Drilling said that the share exchange ratio offered would be subject to a collar, such that at the time the offer is to be made, the ... 







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