Offshore Drillers Combine – Merger Arbitrage Mondays

Diamond Offshore Drilling, Inc. (DO): $15.01

Market Cap: $1.57 B

Deal Size: $2.15 B

In last week’s Merger Arbitrage Mondays post, we discussed a potential deal between Skydance and Paramount Global (PARA). After multiple twists and turns with multiple suitors it looks like the deal has once again derailed. I would not be surprised if Apollo and Sony come back with another offer now that Skydance is no longer invited to the party but am not holding out hope for it.

Last week we only saw one new deal announced and it was two offshore drillers coming together, Noble Corp (NE) and its rival Diamond Offshore (DO) in a deal valued at $2.15 billion.

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