DIAMOND OFFSHORE DRILLING, INC. AND ARETHUSA (OFF-SHORE) LIMITED TO MERGE

PR Newswire | December 8, 1995 | Copyright

HOUSTON, Dec. 8 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) and Arethusa (Off-Shore) Limited (Nasdaq: ARTHF) said today that a letter of intent had been entered into for combination of the two companies. Under the proposed transaction each holder of Arethusa stock would receive .88 shares of common stock of Diamond Offshore for each share of common stock of Arethusa. Using the closing price of Diamond Offshore on the New York Stock Exchange as of December 7, 1995, Arethusa shareholders would receive approximately $516 million of Diamond Offshore stock.

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