BJ Services Company (NYSE: BJS) is surging on a deal in the oil patch… Baker Hughes Inc. (NYSE: BHI) is acquiring the company for what is supposed to be a 16% premium around $5.5 billion, but in a deal thgat greatly discounts it last year’s highs. The deal is mostly in stock and the BJ Services holders will have ownership of close to 27% of the new combined operation if the holders approve the merger. BJS shares are up 11% at $17.17 on over 3 million shares of common stock at 8:54 AM EST. At the same time, Baker Hughes is trading down 3.75% at $36.66 on about 800,000 shares. -JON OGG
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment