Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Gameboy who wrote (27468)	8/10/1998 8:27:00 PM
From: iandiareii	Read Replies (2) of 95453

R&B Falcon Corporation and Cliffs Drilling Company Announce Letter of Intent for Merger Monday August 10, 7:58 pm Eastern Time HOUSTON, Aug. 10 /PRNewswire/ -- R&B Falcon Corporation (''R&B Falcon'') (NYSE:FLC - news) and Cliffs Drilling Company (''Cliffs Drilling'') (NYSE:CDG - news) announced today the signing of a letter of intent for the merger of CliffsDrilling with R&B Falcon. In the merger, each share of common stock, par value $0.01 per share, of Cliffs Drilling will be exchanged for 1.7 shares of common stock, par value $0.01 per share, of R&B Falcon in what is contemplated to be tax-free reorganization which will be accounted for as a purchase. The transaction is subject to, among other things, execution and delivery of a definitive agreement and certain regulatory, third party and shareholder approvals. The offering to Cliffs Drilling shareholders will be made only by means of a prospectus. SOURCE: R&B Falcon Corporation biz.yahoo.com Yow, an all stock deal at these levels...more to come? [1.7 * FLC = $26.03 vs. CDG close of $19.37]

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