PRNewswire 14-Jan-2019 7:00 AM
LOS ANGELES, Jan. 14, 2019 /PRNewswire/ -- Canyon Capital Advisors LLC (together with certain of its affiliates, "Canyon"), the investment advisor to funds and accounts that hold over 8 million shares, or approximately 6.3%, of the outstanding ordinary shares of Rowan Companies plc ("Rowan" or the "Company") (NYSE:RDC), today issued the following statement welcoming the recommendation from Institutional Shareholder Services ("ISS") that shareholders vote against the proposed merger between Rowan and Ensco plc ("Ensco").
"We have previously urged Rowan's Board of Directors both publicly and directly to avoid the unnecessary value destruction for shareholders resulting from a flawed process to merge the Company with Ensco. The proposed merger fails to properly consider Rowan's superior asset base and its stronger and better capitalized balance sheet. We are pleased that ISS agrees with the views Canyon has expressed about the merger, which we believe significantly undervalues Rowan's contributions to the combined entity."
Key Quotes from the ISS Report
As Canyon outlined in a letter to Rowan's Board of Directors dated January 4, 2019, Canyon is pleased that ISS agreed with its assessment that the proposed merger:
For the reasons discussed above and in Canyon's letter dated January 4, Canyon intends to vote AGAINST the proposed merger.
About Canyon Partners LLC
Founded and partner owned since 1990, Canyon employs a deep value, credit intensive approach across its investment platform. Canyon specializes in value-oriented special situation investments for endowments, foundations, pension funds, sovereign wealth funds, family offices and other institutional investors. The firm invests across a broad range of asset classes, including distressed loans, corporate bonds, convertible bonds, securitized assets, direct investments, real estate, arbitrage, and event-oriented equities. For more information visit: www.canyonpartners.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are "forward-looking statements," which are not guarantees of future performance or results, and the words "anticipate," "believe," "expect," "potential," "could," "opportunity," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. In light of the significant uncertainties inherent in the forward-looking statements, the inclusion of such information should not be regarded as a representation as to future results. Canyon disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Canyon has not sought or obtained consent from any third party to use any statements or information indicated herein as having been obtained or derived from statements made or published by third parties.
SOURCE Canyon Partners LLC
Limited Time Offer:
Claim your free copy of income expert Bryan Perry's new report:
My Top Monthly Dividend Payer (8% Dividend Yield)
You'll also receive Bryan Perry's weekly e-letter, Dividend Investing Weekly, at no cost, along with other associated financial content and special offers.