It is reported that UAE based rig yard Lamprell is offering smaller rival MIS a total consideration of USD 336 million in acquisition.

The acquisition is proposed be funded through a mixture of equity (by way of the Rights Issue), debt (principally through a new USD 150 million term loan facility) and from existing cash resources.

Lamprell announced a fully underwritten 3 for 10 rights issue, at a price of 232 pence per share, to raise gross proceeds of USD 225 million and approximately USD 213.2 million net of expenses.

(Sourced from HazardEX)