Drilling Co. Merger Rumor Prompts Investor Suit In Del.

By Jeff Montgomery (July 27, 2021, 7:29 PM EDT) -- Diamond Offshore Drilling Inc.'s largest stockholder sued the company in Delaware's Chancery Court late Monday to force an annual meeting and board vote, saying the meeting is overdue and citing reports that the company is mulling a potentially conflicted sale to another driller.

Avenue Capital Management LP alleged that Diamond has not held an annual meeting since May 2020 and that it emerged from Chapter 11 in Texas in April with a board now potentially tilted toward the interests of Pacific Investment Management Company, or PIMCO, Diamond's second-largest shareholder after Avenue's 17.2% stake and a substantial investor in merger candidate Noble Corp....

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