Why Valaris Stock Surged Today

The oil and gas services industry is consolidating.Shares of Valaris (VAL +34.11%) soared on Monday after it struck a deal to be acquired by rival offshore driller Transocean (RIG +5.94%). By the close of trading, Valaris' stock price was up more than 34%. An enticing offer for investorsUnder the terms of the deal, Valaris shareholders would receive 15.235 shares of Transocean stock for each Valaris share they own. The all-stock merger values Valaris at roughly $5.8 billion, a premium of over 35% to the ene ...