Transocean (NYSE:RIG) Board Shot Down Carl Icahn Proposals

The Zug, Switzerland-based Transocean LTD (NYSE:RIG) announced on Sunday that board of directors have shot down billionaire activist investor Carl Icahn’s offer for a dividend of $4.00 per share and to nominate 3 candidates for election to Offshore drilling contractor Transocean’s Board.

Carl Icahn has also advised to cancel the firm’s staggered board structure.

Billionaire activist investor Carl Icahn had nominated John Lipinski, José Alapont and Samuel Merksamer as candidates for election to company’s Board of Directors.

Board of the company has recommend its shareholders to vote against Icahn’s planned dividend of $4.00 a share in addition to his 3 director nominees, at the Transocean’s 2013 yearly General summit of Shareholders on May 17.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Atwood Oceanics, Inc. (NYSE:ATW) rose +0.27% to settle at $51.94, Noble Corporation (NYSE:NE) moved up +1.20% to end at $37.82 while Seadrill Ltd (NYSE:SDRL) jumped +1.21% to finish at $37.58 on Friday.

Transocean LTD (NYSE:RIG) last session’s volume of 3.81 million shares was higher than its average volume of 3.68 million shares. The stock after opening at $53.34 hit high price of $54.08 and then closed at $53.56 by scoring -0.37%.

RIG generated revenue of $9.20 billion in the previous twelve months and earned $808.00 million. The Company showed a positive 8.87% in the net profit margin as well as in its operating margin which remained at 17.21%. Company’s annual sales growth for the past five years was 7.60%.

The RIG’s past twelve months’ price to sales ratio was 1.86 and price to cash ratio remained 3.33. As far as the returns are concerned, RIG’s return on equity was recorded as 5.15% and return on investment increased 2.80% while its return on asset stayed at 2.36%.

The stock showed weekly upbeat performance of 0.64% which was maintained for the month at -6.13%. Likewise the positive performance for the quarter was recorded as 16.99% and for the year was 0.02% while the YTD performance remained at 19.93%.

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