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Article: Baker Hughes to Acquire BJ Services in $5.5 Billion Transaction.
- Article from:
- Mergers & Acquisitions Week
- Article date:
- September 16, 2009
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Baker Hughes Incorporated (NYSE:BHI) and BJ Services Company (NYSE:BJS) announced that their Boards of Directors have approved a definitive merger agreement, which represents a transaction value of $5.5 billion for BJ Services based on closing stock prices on August 28, 2009.
The agreement represents a premium to BJ Services stockholders of 16.3% over the closing price of BJ Services stock on August 28, 2009. Under the agreement, BJ Services stockholders will receive 0.40035 shares of Baker Hughes and cash of $2.69 in exchange for each share of BJ Services common stock. Upon closing, and reflecting the issuance of new Baker Hughes shares, BJ Services stockholders ...