Transocean OKs $1B Dividend, Trims Board To End Icahn Row

Law360, New York (November 12, 2013, 11:54 AM EST) -- Offshore drilling titan Transocean Ltd. said Monday that it has reached an agreement with Carl Icahn that includes a $1.1 billion dividend payout and downsizes its board, bringing an end to a contentious proxy battle that has raged for most of the year.

The compromise offers shareholders a $3-per-share dividend, down from the $4 previously demanded by the activist investor but an increase over the current $2.24 guaranteed by Transocean. In addition, the company said it would cut its maximum number of directors to 11, down...
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