Seadrill, Sevan Drilling digging in over buyout battle

|About: Sevan Drillings AS (SDRNF)|By:, SA News Editor

Top management at Sevan Drilling (SDRNF.OB) is rejecting Seadrill's (SDRL) offer to buy their shares in the company, and the board again urges shareholders to wait for a higher price.

The move comes after SDRL, which holds 50.1% of Sevan, reportedly refused to raise its NOK3.95/share bid under a mandatory offer period for the remaining shares that expires in two weeks.

The Sevan board reiterates the offer, which equates to NOK2.35B ($398M), is “significantly below the fair market value” of its business prospects and assets.