08.10.2018 21:25:30

Ensco And Rowan Posting Strong Gains After Announcing Merger

(RTTNews) - Shares of Ensco plc (ESV) and Rowan Companies plc (RDC) have moved notably higher during trading on Monday, climbing by 3.2 percent and 4.3 percent, respectively. With the gains, Ensco and Rowan have both reached their best intraday levels in well over a year.

The gains come after the companies announced a definitive transaction agreement under which Rowan will combine with Ensco in an all-stock transaction.

Under the terms of the transaction agreement, Rowan shareholders will receive 2.215 Ensco shares for each Rowan share.

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