Early Monday, Noble (NE) said it will acquire Diamond Offshore Drilling (DO) for $1.59 billion in cash and stock. The deal works out to $15.52 per DO share, or an 11.4% premium to Diamond's June 7 close.
Under the terms of the agreement, Diamond shareholders will receive 0.2316 share of Noble and $5.65 in cash for each DO share they own. Following the closing of the transaction, Diamond shareholders will own approximately 14.5% of Noble.
