SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: April 12, 1995
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Suite 200, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated April 12,
1995 - Announcing that the
Company has been named a
defendant in three additional
purported stockholder class
action lawsuits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be
signed on its behalf of the undersigned thereunto duly
authorized.
READING & BATES CORPORATION
By /s/T. W. Nagle
--------------------
T. W. Nagle
Vice President & Chief
Financial Officer
Dated: April 12, 1995
EXHIBIT 99
FOR IMMEDIATE RELEASE: Contact:Mr. Charles R. Ofner
(713) 496-5000
Houston, Texas...April 12, 1995...Reading & Bates
Corporation (NYSE; RB) announced today that it had been named
a defendant in three additional purported stockholder class
action lawsuits filed on April 7, 1995, in the Court of
Chancery of the State of Delaware, similar to the previously
announced lawsuit. Each suit names also Reading & Bates'
directors as defendants. Each of the suits alleges, inter
alia, that the directors breached their fiduciary duties by
rejecting the previously announced unsolicited merger
proposal made by Sonat Offshore Drilling Inc. and by adopting
the previously announced shareholder rights plan.
Each of the named plaintiffs purports to be an owner of
Reading & Bates common stock and seeks to represent a class
of shareholders of Reading & Bates who are similarly
situated. Each of the plaintiffs seeks injunctive relief,
damages in unspecified amounts and certain other relief,
including costs and expenses. Reading & Bates believes that
the plaintiffs' claims are groundless and that it has
meritorious defenses to each lawsuit. Reading & Bates
intends to defend each lawsuit vigorously.
Reading & Bates is a New York Stock Exchange listed
company, providing offshore drilling services throughout the
world. Its wholly owned subsidiary, Reading & Bates
Development Co., provides technical, construction and project
management services and floating production systems to the
upstream offshore oil and gas industry worldwide.
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