Vantage Drilling Company Announces an Unsolicited Proposal to Acquire All the Outstanding Shares of the Company
July 26 2010 - 4:52PM
Marketwired
Vantage Drilling Company ("Vantage") (NYSE Amex: VTG.U) (NYSE Amex:
VTG) (NYSE Amex: VTG.WS) today received an unsolicited proposal to
acquire all the outstanding shares of the Company at a premium to
the current market price. The proposal was subject to due diligence
and requested an exclusivity period. In addition, the proposal was
conditioned on the Company abandoning its contemplated senior notes
and equity offerings.
After careful consideration, including consultation with its
outside financial and legal advisors, the Company determined that
it is in the best interests of the Company and its shareholders to
proceed with the financings in light of its business plan and
financing needs. Accordingly, the Company has rejected the
unsolicited proposal.
About Vantage
Vantage's primary business is to contract drilling units,
related equipment and work crews primarily on a dayrate basis to
drill oil and natural gas wells. Vantage also provides construction
supervision services for, and will operate and manage, drilling
units owned by others. Through its fleet of eight owned and managed
drilling units, Vantage is a provider of offshore contract drilling
services globally to major, national and large independent oil and
natural gas companies.
Forward-Looking Statements Certain
statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Vantage's expectations or beliefs concerning
future events, and it is possible that the results described in
this press release will not be achieved. These forward-looking
statements are subject to risks, uncertainties and other factors,
many of which are outside of Vantage's control, that could cause
actual results to differ materially from the results discussed in
the forward-looking statements, including, among other things,
changing market conditions, Vantage's ability to complete the
offerings and the Acquisition. For more information, see Vantage's
filings with the SEC, including the preliminary prospectus
supplement relating to the proposed offering.
Any forward-looking statement speaks only as of the date on
which such statement is made, and, except as required by law,
Vantage does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time
and it is not possible for management to predict all such
factors.
For further information, contact: Paul A. Bragg Chairman and
Chief Executive Officer (281) 404-4700
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