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Russia's Eurasia Drilling receives offer to take it private

Reuters - UK Focus

MOSCOW, Oct (HKSE: 3366-OL.HK - news) 8 (Reuters) - Russian oil services company Eurasia Drilling said on Thursday it had received an offer from its managers and shareholders to take the company private, after the failure of a deal with U.S (Other OTC: UBGXF - news) .-based Schlumberger (LSE: 0CT7.L - news) .

Shares (Berlin: DI6.BE - news) in Eurasia, in which its Chief Executive Alexander Djaparidze owns 31 percent, fell more than 8 percent to $10, giving it a market capitalisation at $1.6 billion, according to Reuters data.

"The board ... received the merger proposal from certain management and core shareholders this morning which included an offer consideration of $10.00 per share," Eurasia said in a statement.

"Following the failure of the proposed transaction with Schlumberger, certain management and core shareholders seek to undertake significant rationalisation of the business that would best be achieved by taking the company private." (Reporting by Katya Golubkova; Editing by David Holmes)