DryShips (DRYS -4.5%) buys OceanFreight (OCNFD +78%) for $118M, as the cargo transporter looks...

|About: DryShips Inc. (DRYS)|By:, SA News Editor

DryShips (DRYS -4.5%) buys OceanFreight (OCNFD +78%) for $118M, as the cargo transporter looks to consolidate its fragmented drybulk business and add newer vessels with long-term charters to its fleet. OceanFreight holders will get $11.25  a share in cash, plus 0.52326 share of Ocean Rig UDW, a drilling services firm owned by DryShips.