Marine Drilling Plans to Acquire Keyes Firms
Marine Drilling Co. has announced plans to acquire William O. Keyes, Keyes Offshore Inc., Keyes Offshore Limited Partnership and Keyes 303 Venture.
Marine plans to acquire the Keyes entities, subject to certain conditions, through the issuance of an aggregate of 4.4 million shares of common stock and 50,000 shares of preferred stock of a new holding company that will continue the combined businesses.
The proposed merger must be approved by the shareholders of Marine and by the shareholders of Keyes Offshore Limited Partnership. The transaction is expected to constitute a tax-free reorganization both for shareholders of Keyes Offshore Limited Partnership and for the shareholders of Marine Drilling Co.
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