Give credit where credit is due - Nabors Industries (NYSE:NBR) is not messing around. Not content to just be the largest land-based driller in the world, the company is now moving more aggressively into services as well. With the acquisition of Superior Well Services (Nasdaq:SWSI), Nabors is definitely taking a significant step towards enhancing the breadth of services the company can offer.
The Deal
Before the open on Monday, Nabors announced that it was offering to pay $22.12 per share in cash in a tender offer for Superior Well Services. This deal has the support of Superior and roughly one-third of Superior's existing shareholders. All told, this will represent a roughly $900M cash outlay for Nabors, but the company will also be assuming over $160 million in debt on Superior's books.
For the full piece, please go to:
http://stocks.investopedia.com/stock-analysis/2010/A-Nabor-ly-Deal-For-Superior-Well-Services-SWSI-NBR-HAL-SLB-BHI-CHK-WFT-0810.aspx
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