Empeiria Acquisition Corp. And Integrated Drilling Equipment Company (IDE) Announce Selection Of IDE For Major Offshore Platform Rig Order
NEW YORK, Dec. 12, 2012 /PRNewswire/ -- Empeiria Acquisition Corp. (OTC BB: EPAQ; EPAQW; EPAQU) ("EAC" or the "Company") and Integrated Drilling Equipment Company Holdings Inc. ("IDE") today announced that IDE has been selected by a major international oil and gas exploration and production company as the preferred supplier for providing four new modular-design offshore platform drilling rigs. The anticipated total contract value is in the range of $350 to $400 million.
IDE's technical specifications and approximate bid value have been accepted by the potential customer. IDE is currently undergoing exclusive negotiations towards signing a definitive contract, which it expects to be completed in January 2013. IDE expects that the drilling rigs and related equipment will be constructed during 2013 and 2014 for delivery and installation during the second half of 2014. The order is subject to the negotiation and execution of a definitive contract as well as various conditions to be documented therein.
EAC previously announced its execution of a merger agreement with IDE. In connection with the previously announced merger, EAC is currently conducting a tender offer to purchase up to 5,520,000 shares of its common stock. The tender offer is expected to expire at 5:00 p.m., New York City time, on Thursday, December 13, 2012. Upon the acceptance by EAC of the shares of common stock in the tender offer, the merger with IDE is expected to close on December 14, 2012. The acceptance of shares in the tender offer is subject to the condition that less than 5,520,000 shares of common stock are validly tendered and not validly withdrawn from the tender offer at the expiration.
Stockholders who desire to own shares of the Company's common stock subsequent to the proposed acquisition of IDE should NOT tender their shares of common stock in the Tender Offer. Stockholders who have previously tendered their shares of common stock do not need to take any other actions unless they desire to withdraw their shares, which they may do in accordance with the procedures described in the letter of transmittal and other related Tender Offer documents that EAC has filed with the SEC.Each of Empeiria Investors LLC, EAC's sponsor, and EAC's officers and directors has agreed not to tender any shares of common stock pursuant to the Tender Offer.
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