Investor Wants Ensco to Sell Debt for $2.5 Billion Dividend

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Investor Wants Ensco to Sell Debt for $2.5 Billion DividendThe London-based company has the financial flexibility to issue debt for a payout and doing so would reward investors that haven’t seen a payoff from Ensco Plc’s $1.4 billion purchase of Rowan Cos., according to Luminus Management LLC. The investment manager, which said it owns 4.6% of Ensco Rowan, has been “extremely disappointed” with its stock performance before and after it closed the deal, according to a letter to the company’s board Wednesday reviewed by Bloomberg. Ensco Rowan is trading at a significant discount to its fundamental value as a result, it said.

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