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: October 27, 1997
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 (281) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated October 27, 1997 - Reading & Bates
announces that the special stockholders meeting
scheduled for November 24, 1997 has been postponed
until mid-December.
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
Executive Vice President,
Finance and Administration
(Principal Financial and
Accounting Officer)
Dated: October 27, 1997
EXHIBIT 99
FOR IMMEDIATE RELEASE
Contacts:
Robert F. Fulton Charles R. Ofner
Falcon Drilling Company Reading & Bates Corporation
(713) 623-8984 (281) 496-5000
Falcon Drilling and Reading & Bates Postpone Stockholder Meetings
Houston, Texas, October 27, 1997--Falcon Drilling Company, Inc. (NYSE:FLC)
and Reading & Bates Corporation (NYSE:RB) announced today that they are
postponing their special stockholder meetings scheduled for November 24,
1997 until mid-December because they are in continuing discussions with the
Securities and Exchange Commission regarding the proper treatment of the
previously announced combination between Falcon and Reading & Bates under
the purchase method of accounting or the "pooling of interests" method
under APB Opinion No. 16, and the finalization of the necessary joint proxy
statement.
Steven Webster and Paul B. Loyd, Jr., the chief executive officers of
Falcon and Reading & Bates, respectively, said "This transaction is clearly
in the best interest of our stockholders, and we are disappointed by the
delay. We are committed to completing this transaction." Falcon and
Reading & Bates now expect that the combination will close in mid-December.
The closing is not expected to be further delayed by the pending SEC
discussions.
Falcon Drilling Company is a NYSE listed company, providing offshore
drilling services for the international oil and gas industry. Falcon's
fleet of 82 drilling units services the international deepwater, the
offshore Gulf of Mexico and the worldwide transition zone.
Reading & Bates is a NYSE listed company, providing offshore drilling
services throughout the world. Its wholly owned subsidiary, Reading &
Bates Development Co., engages in the business of acquiring interests in
offshore oil and gas properties and thereby participates in reservoir risk
sharing. Through its TOPS joint venture, a full range of field development
contracting alternatives is offered to oil and gas companies, including
such services as drilling, marine and subsea construction and production
services.
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