BloombergWe are always perplexed that so many simply accept what the financial pundits proclaim, especially when evidence arguing otherwise is often readily available. Seadrill has informed the market that such restructuring will most likely involve Chapter 11 proceedings in the U.S. on or before September 12, 2017. This also includes discussions with the banks that are financing the three rigs in order to find a balanced solution. Investors were apparently thrilled, as GILD shares rose in market capitalization more than the $11.9 billion purchase price for Kite. Gilead will pay $180.00 per Kite Pharma share in cash (KITE was trading around $138 prior to the announcement), with the deal expected to close in the fourth quarter this year.

Source: Forbes September 07, 2017 22:29 UTC