Valaris sets November 24 shareholder vote on Transocean takeover
The Supreme Court of Bermuda is set to hold a sanction hearing on November 26, and Valaris expects the deal to close on or about December 1.
Published
Valaris has scheduled a special shareholder meeting, ordered by the court, for November 24, 2026. Shareholders will vote on the scheme of arrangement under which Transocean will acquire all outstanding Valaris shares. Each Valaris share would be exchanged for 15.235 Transocean shares.
The deal has already cleared antitrust review by the US Department of Justice and by Brazilian authorities. On October 15, Transocean upsized its credit facility to fund the closing. The steps still to come are administrative rather than substantive. The exchange ratio of 15.235 has stayed fixed throughout the process. The new element is timing. The dates now set are not accompanied by any new condition or risk.
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