CLIFFS DRILLING (CDG) Message Board

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Gold/Mining/Energy : CLIFFS DRILLING (CDG)

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To: Wheats who wrote (461)	8/10/1998 9:41:00 PM
From: Wheats	of 474

R&B Falcon Corporation and Cliffs Drilling Company Announce Letter of Intent for Merger August 10, 1998 07:58 PM HOUSTON, Aug. 10 /PRNewswire/ -- R&B Falcon Corporation ("R&B Falcon") FLC and Cliffs Drilling Company ("Cliffs Drilling") CDG announced today the signing of a letter of intent for the merger of Cliffs Drilling 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.

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