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Monday, November 24, 2014

Judge holds up C&J Energy's deal with Nabors fracking unit - WSJ, (NYSE: CJES)

A Delaware court has held up the merger of oilfield services provider Nabors Industries Ltd's unit with C&J Energy Services Inc, saying C&J's board did not adequately shop the company, the Wall Street Journal reported, citing people familiar with the decision. A judge, at a hearing Monday in the Delaware Court of Chancery, suspended the deal for 30 days, during which he ordered the C&J board to feel out other potential buyers, the Journal reported. ( said in June it would merge its well maintenance business with C&J Energy Services and receive $2.86 billion in cash and stock.Nabors will get about $937 million in cash and some 62.5 million shares of the combined company, which will be managed by the current C&J Energy management team.This deal is one of a handful of pending U.S. corporate tax inversions.

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 1.12% or $0.21/share to $19.01. 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 1543317.