EAC and IDE to merge
IDE and EAC have revealed they plan to merge.
Empeiria Acquisition Corp (EAC) has revealed it plans to combine with Integrated Drilling Equipment Company Holdings (IDE) in a business deal that could be supported by merger and acquisition consultants.
IDE is a leading provider of land and offshore rigs equipment and services, dealing with contract drilling firms across the globe, while EAC was formed on January 24th 2011 as a 'blank check' enterprise.
The combined entity will be led by IDE's management team following the merger's consummation and will be jointed by EAC executive vice-president and director Michael Dion, as well as the company's chairman James Mills and its director Alan Menkes.
A tender offer for the common stock of EAC has not yet begun, with this solicitation due to be made pursuant to the proposed purchase of the group.
"We are pleased to be partnering with IDE's experienced management team to continue IDE's impressive growth," Mr Menkes said, adding that the market for oil and gas equipment has "enormous growth opportunities".
Posted by David Gleck
Source: EAC press release, October 19th