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Orphan Adopted With Added Benefit of a Back-Door Listing of Ocean Rig Shares

Pair the brilliance of Mr. Economou with the ingenuity of Evercore Partners and problems become opportunities. On Tuesday, DryShips Inc. announced that it had agreed to acquire the outstanding shares of OceanFreight Inc. for a total consideration per share of $19.85 consisting of $11.25 in cash and 0.52326 shares of common stock of Ocean Rig UDW Inc., valued at the July 25th closing price of NOK 89 ($16.44) on the Norwegiaqn OTC. OceanFreight’s shares closed Monday at $9.47, implying a premium of 110%. The offer is not subject to any financing contingency as the cash portion will be paid from DryShip’s existing cash and the shares will come from outstanding shares currently owned by the DryShips, reducing its ownership from 78.3% to 75.9%.

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