Noble to acquire Diamond Offshore for $5.65 cash + 0.2316 shares per DO share, 11.4% premium

Noble Corp plc

Diamond shareholders receive 0.2316 Noble shares and $5.65 cash per share, an 11.4% premium to June 7 close.
Diamond backlog of $2.1B and expected $100M in annual cost synergies; deal immediately accretive to free cash flow per share.
Noble Board approves 25% dividend increase to $0.50/share quarterly, starting Q3 2024.
Diamond will own ~14.5% of combined company; closing requires DO shareholder vote and antitrust approvals.
Termination fee of $60M if Diamond accepts superior proposal; $16.5M if no vote from DO shareholders.

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