Rowan: ISS, Egan-Jones Recommend Rowan Shareholders Support Ensco Deal

(RTTNews) - Rowan Companies plc (RDC) announced that Institutional Shareholder Services, Inc. and Egan-Jones, two proxy advisory firms, recommended that Rowan shareholders vote for the company's pending combination with Ensco plc. ISS stated: "Given the material improvement in terms, along with the compelling strategic rationale for the combination, as noted in our original analysis, support FOR the transaction is now warranted."

Rowan noted that Odey Asset Management LLP, one of the company's largest shareholders, has pledged its support to Ensco by entering into an irrevocable voting agreement for the firm's holdings of approximately 9% of Rowan's shares outstanding.

Under the amended agreement, upon closing Rowan shareholders will receive 2.750 shares of Ensco for each share of Rowan they own. All other terms and conditions of the agreement remain the same. Rowan said it looks forward to completing the transaction during the first half of the year.