Steel Partners raises Rowan stake to 5.5%

New York, July 5 - Rowan Cos., Inc. investor Steel Partners II increased its stake in the company to 5.5%, or a total of 6,121,827 shares, according to an SC 13D filed with the Securities and Exchange Commission.

From May 7 to June 27, Steel Partners bought 1,644,926 shares at prices from $37.8986 to $39.736 at a total cost of $6.47 million. In total the fund manager has now paid $228.99 million for its holding in the company.

Steel Partners said it bought the shares for investment because it believed Rowan stock "was undervalued and represented an attractive investment opportunity."

It said it intends to review its investment "on a continuing basis and may engage in discussions with management and the board of directors."

Rowan is a Houston-based provider of contract drilling services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.