Baker & McKenzie Helps Ensco Add Pride For $7B

Law360, New York (February 7, 2011, 12:23 PM EST) -- British oil driller Ensco PLC announced plans Monday to snap up Pride International Inc. in an approximately $7.3 billion cash and stock deal that would create the world's second-largest offshore oil drilling company.

London-based Ensco agreed to pay $41.60 for each share of Pride, with Pride shareholders receiving 0.4778 newly issued shares of Ensco plus $15.60 in cash for each share. The deal represents a 21 percent premium over Pride’s closing share price Friday, and a 25 percent premium over Pride's one-month volume weighted average closing...
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