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Gold/Mining/Energy : CLIFFS DRILLING (CDG) -- Ignore unavailable to you. Want to Upgrade?

To: Wheats who wrote (461)	8/10/1998 9:41:00 PM
From: Wheats	Respond to 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.

To: Wheats who wrote (461)	8/10/1998 11:13:00 PM
From: Jim Burnham	Respond to of 474

Nice bit of news. It would be better if FLC wasn't tanking. $26 would be nice. And maybe this is the news that will correct the P/E a little. That would be very nice. But who am I to complain if it only hits $23.

To: Wheats who wrote (461)	8/10/1998 11:30:00 PM
From: Curtis Brown	Read Replies (1) \| Respond to of 474

I am not surprised at this kind of merger but, I am a lot deeper into CDG for $26 to be much help. All I can hope for is a big turn around in the way investors are thinking about all the oils. higher crude prices would be a helpful nudge also.

To: Wheats who wrote (461)	8/11/1998 12:49:00 AM
From: VLAD	Read Replies (2) \| Respond to of 474

PC, Pop the cork because when the CDG train decides to head north it really moves with a vengance. I'd hate to be short CDG at anything under 25 cause its gonna look mighty ugly tomorrow when those who shorted Cliffs in their OSX basket trades have to cover at the same time the buyers come rushing in followed by the momentum geeks who have cleaned up in the past buying Cliffs. The relatively small float doesn't hurt either. VLAD