What a wonderful day to be a stock holder. One of my favorite stocks over the last year and a half as been Trans Ocean ( RIG ). In case you have been wondering why there is a link to its corporate website on this page ( deepwater.com ) its because I Freaking Love This company!
Well today the big merger has been finalized! The stock is up about 4% as I right this, and my Fidelity account is transferring all my shares to what will be a GOLIATH of a company. Its also benefiting from the news of Being added to the S&P.
The deal here is simple.. Two of the largest companies in the business of Off Shore Dilling Platform Leasing are merging. Global Santa Fe and Trans Ocean. As of today the stock will have a reverse split and a cash payment of $33 per share. TAX FREE!
Now what I like about this deal is the opportunity to re-invest this cash into the combined super company. With the blow out quarters these two have and a combined stock trading at a stupid multiple on 08 Earnings, A backlog of business second to none and a recession proof business that does not move based on crude prices or this sub-prime bs, this only makes sense.
As I never give stock picks, but everyone close to me knows I love this company as it makes sense and has a licence to print green-back!
Do some research on it. Unless of course your foolish enough to think the big C has bottomed or Gold is the place to be!
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