ENSCO PLC (NYSE:ESV) reported that company shareholders voted to permit the issuance and allotment of Ensco Class ‘A’ ordinary shares to stockholders of Atwood pertaining to the all-stock deal of Atwood at the firm’s general meeting of shareholders on October 5, 2017. The final outcome of the general meeting of shareholders indicated that 65% of the votes casted at the meeting were in favor of this deal.
Carl Trowell, the CEO and President of Ensco, expressed that they are extremely delighted that Ensco shareholders recognized the financial and strategic benefits of their merger with Atwood. This deal is a notable achievement for company as they continue to implement their strategic program to emerge from the market recession as the clear pioneer in the offshore drilling segment.
By acquiring Atwood at a major time in the market cycle, they are buying high-quality assets at interesting prices as values for the top-specification assets are at a major inflection point. In addition, these high-specification resources will further their ability to fulfill increasing consumer demand and strengthen their competitive position, which together with significant anticipated synergies, will result in meaningful, long-term value for shareholders.
Separately, Atwood reported that its shareholders voted to approve the merger deal with Ensco at a special meeting of company’s shareholders. Ensco anticipates that this deal will be completed promptly, depending on customary closing conditions. The final voting outcome will be submitted with the SEC on Form 8-K and will be available on the Investor Relations segment of company’s website after certification by company’s inspector of elections.
In the last trading session, the stock price of Ensco gained less than 1% to close the day at $5.83. The decline came at a share volume of 57.29 million compared to average share volume of 16.81 million. After the recent decline, the market cap of firm was noted at $1.77 billion.