Oilfield services provider C&J Energy Services Inc said it plans to appeal a Delaware court ruling that requires it to solicit offers from other buyers for 30 days before it can merge with a unit of bigger rival Nabors Industries Ltd.C&J Energy's shares were up 5.2 percent, while those of Nabors were down 1.8 percent in premarket trading.Nabors said in June it would merge its completion and production business with C&J Energy Services and receive $2.86 billion in cash and stock."We intend to immediately appeal to the Delaware Supreme Court on an expedited basis," C&J Energy Chief Executive Josh Comstock said in a statement.
C&J Energy Services, Inc. is a provider of hydraulic fracturing, coiled tubing, wireline and other complementary services with a focus on complex, technically demanding well completions. Shares of CJES traded higher by 2.45% or $0.465/share to $19.48. In the past year, the shares have traded as low as $16.66 and as high as $34.93. On average, 1660200 shares of CJES exchange hands on a given day and today's volume is recorded at 133755.
Nabors Industries Ltd. (Nabors) is the land drilling contractor and land well-servicing and workover contractors in the United States and Canada. Shares of NBR traded higher by 0.06% or $0.01/share to $16.41. In the past year, the shares have traded as low as $15.32 and as high as $30.24. On average, 7263140 shares of NBR exchange hands on a given day and today's volume is recorded at 202476.
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