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Ocean Rig UDW Inc. (ORIG) Is Up Sharply After Bought By Transocean

Ocean Rig UDW Inc. (ORIG) announced Tuesday morning that it has agreed to be acquired by Transocean (RIG) for approximately $2.7 billion in a cash and stock deal.

Ocean Rig has gapped open sharply higher this morning and is now up 3.82 at $30.90 on above average volume. The stock has broken out to a 2-month high.

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