ADES Holding increases cash offer in Shelf Drilling merger

Core Points - ADES Holding has revised its merger offer for Shelf Drilling, increasing the cash consideration by 28% to Nkr18.50 ($1.88) per share [1] - The revised offer has received binding commitments, including ADES' own share, which represents 53.4% of the votes in favor of the merger [1] - Shelf Drilling's board has unanimously recommended the revised offer, which reflects a significant increase in support from 15% prior to the initial announcement [2] Financial Adjustments - ADES has raised its estimated annual cost synergies by $10 million, now totaling $50–60 million, up from the previous estimate of $40–50 million [2] - The updated terms indicate an approximate 6% increase in the total enterprise value that ADES will pay for the merger [2] Deal Structure and Timeline - ADES plans to call a new extraordinary general meeting to obtain shareholder approval for the revised offer [3] - The completion of the merger is expected in the fourth quarter of 2025, maintaining the original timeline announced on 5 August [3] - The acquisition will be executed as a cash merger under the laws of the Cayman Islands, with Shelf Drilling continuing as the surviving entity [4]