M&A Update: Pride Int'l shares rally on SeaDrill buyout chatter
Posted Apr 23rd 2008 1:00PM by Paul Foster
Filed under: Investments
Pride International (NYSE: PDE), a provider of contract drilling services to oil and gas exploration and production companies, is recently up $2.58 to $42.99.
PDE was notified by SeaDrill of an approximate 9.9% position in PDE. Goldman says, "PDE would be a good fit for SeaDrill – reiterate conviction Buy."
PDE announced the lowering the threshold level of beneficial ownership of the company's common stock that would trigger a rights plan from 15 to 10%. WTI Crude Futures are up 1.61% to $119.37 according to Bloomberg. PDE call option volume of 30,068 contracts compares to put volume of 8,622 contracts. PDE May option implied volatility of 47 is above its 26-week average of 37 according to Track Data
MA& Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.
Tags: DE, PDE, SeaDrill
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