Canyon welcomes ISS recommendation to vote against Rowan and Ensco merger
Canyon Capital Advisors, the investment advisor to funds and accounts that hold over 8M shares, or approximately 6.3%, of the outstanding ordinary shares of Rowan Companies issued a statement welcoming the recommendation from Institutional Shareholder Services, or ISS, that shareholders vote against the proposed merger between Rowan and Ensco. Letter said, "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."