NEW YORK (Reuters) - EnsCo Plc will its buy rival Pride International Inc for about $7.3 billion in a deal that would create the world's second-largest offshore oil and gas driller, according to the companies.
The two companies said on Monday they had entered into a definitive merger agreement that valued Pride's shares at $41.60 apiece, a premium of 21 percent to Friday's closing price.
Pride's shares climbed 17 percent to $40.15 in premarket trading, while EnsCo's shares fell 3 percent to $52.80.
(Reporting by Matt Daily, editing by Maureen Bavdek)
