Vantage Drilling rejects unsolicited proposal to acquire all shares

By Jennifer Chiou

New York, July 26 - Vantage Drilling Co. announced that it rejected an unsolicited proposal to acquire all of its outstanding common stock at a premium to the current market price.

The Houston-based energy drilling company's shares closed at $1.12 apiece on Monday.

According to a news release, the proposal was subject to due diligence and was conditioned on the company abandoning its planned senior notes and equity offerings.

Vantage said it came to its decision after consultation with its outside financial and legal advisers and after taking into account its business plan and financing needs.

Offshore Group Investment Ltd., a financing unit of Vantage, priced a $1 billion issue of 11½% five-year senior secured first-lien notes (B3/B-/) at 96.361 to yield 12½% on Monday.

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