Stock question...Transocean (RIG)

[KFC911]

Does anyone have a position, and care to tell me what the heck went on yesterday (Approx. 30% of my shares were sold, due to "Corp action G90078109" at less than market value)? Of course, I'll ask a "real pro" later, but I figured I'd get a better & more accurate response here

[masraum]

Interesting. TODDI (Transocean) and GSF (Global Santa Fe) are both our customers, but I hadn't heard anything. But then I'm just a grunt and probably wouldn't.

http://caller.com/news/2007/nov/28/transocean-globalsantafe-complete-merger/

HOUSTON -- Transocean Inc., the world's largest offshore drilling contractor, got even bigger Tuesday as it closed its multibillion-dollar merger with smaller competitor GlobalSantaFe Corp., creating a company able to drill globally from shallow to ultra-deep waters.

The deal, announced by the Houston-based companies in July, includes a $15 billion cash payout to shareholders of both companies.

The value of the new company is about $60 billion, including debt. It retains the Transocean name and trades on the New York Stock Exchange under Transocean's symbol "RIG."

Transocean shares rose $5, or about 3.8 percent, to $134.39 in trading Tuesday.

[KFC911]

I did find this explanation...still not sure what to make of it:

Under terms of the deal, Transocean shareholders will receive $33.03 cash and 0.6996 shares of the combined company for each share of Transocean they own. Shareholders of GlobalSantaFe will receive $22.46 cash and 0.4757 shares of the new company for each share of GlobalSantaFe they own.

Thanks!