ESV - Ensco's New Proposal For Rowan Is Still Not Good Enough
Back in October, offshore drilling giant Ensco (ESV) launched a bid to acquire fellow British contractor Rowan Companies (RDC). As some readers may recall, I was not a fan of this deal and I questioned the benefits of it to Rowan. There has been quite a bit of investor pushback over the deal and one private equity firm even acquired a 6% stake in Rowan in order to actively oppose the deal. It appears that management at the two firms has listened as Ensco submitted a revised proposal earlier this week