Eurasia Axes Placing

摘要

Russia's Eurasia Drilling has pulled out of a planned placing of global depositary receipts (GDRs) and a subsequent dividend payment after the offer price failed to live up to expectations. "Despite the fact that there was more than adequate demand for the GDRs on offer, the company decided not to proceed with the transaction because we felt the offered price did not reflect the underlying value of the company's business and did not properly give credit to the contemplated special dividend," Chief Financial Officer W. Richard Anderson said in a statement Tuesday.