EL DORADO, Ark. -- Murphy Oil Corp. has acquired 95 percent of the total outstanding common stock of Ocean Drilling & Exploration Co. in a stock-swap merger valued at about $385 million, the company said Thursday.
As of midnight Wednesday, nearly 17.6 million shares of Odeco stock had been tendered, Murphy said.
The tendered shares combined with stock already owned by Murphy to represent 95 percent of the total oustanding common stock.
Odeco stock was up 12.5 cents to $18.625 a share on the New York Stock Exchange at midday Thursday, while Murphy stock was ahead 62.5 cents to $34.50 a share.
Murphy said it would 'proceed promptly' toward the proposed merger between a wholly owned subsidiary and Odeco.
'We are extremely pleased with the overwhelming response by Odeco stockholders to our offer,' said Murphy President Jack W. McNutt. 'We are eager to turn our full attention to Murphy and Odeco's operations, including the integration of Murphy and Odeco's complementary oil and gas exploration and production operations, so that we may work toward providing increased value to all of our stockholders.'
Murphy first offered April 4 to swap one share of Murphy stock for two shares of Odeco. That offer was rejected by Odeco executives as insufficient, and Murphy later upped its bid to 0.55 share of Murphy common stock for each share of Odeco.
Odeco's board last week advised its shareholders to decide on an individual basis whether to accept the revised takeover bid.
Prior to the tender offer, Murphy held 61 percent of Odeco stock.
Odeco, headquartered in New Orleans, is engaged in contract drilling and oil and gas exploration and production.
