General Electric Co said it will purchase oilfield services provider Lufkin Industries Inc for about $3.3 billion. The offer values Lufkin at $88.50 per share, representing a premium of 38 percent to the stock's Friday close.
Lufkin Industries, Inc. is a global supplier of artificial lift products, technology, services and solutions, including automated control equipment and analytical products for artificial lift equipment, to the oil and gas industry. Shares of LUFK remained unchanged at $63.93. In the past year, the shares have traded as low as $45.11 and as high as $80.04. On average, 508110 shares of LUFK exchange hands on a given day and today's volume is recorded at 2553.
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