Oilfield services provider C&J Energy Services Inc cut the cash portion of its offer to purchase Nabors Industries Ltd's well maintenance business by $250 million after oil prices halved since the deal was announced in June.The cash-and-stock deal was valued at $2.86 billion when it was announced on June 25.With the cash component of the offer reduced to $688 million, the deal is now valued at about $1.45 billion based on C&J Energy's Friday closing price of $12.25, according to Evercore ISI analyst James West.Up to Friday's close, C&J Energy's stock had fallen more than 60 percent since the deal was announced, while Nabors' stock had fallen about 55 percent.
C&J Energy Services, Inc. is a provider of hydraulic fracturing, coiled tubing, wireline and other complementary services with a focus on well completions. Shares of CJES traded higher by 2.12% or $0.26/share to $12.51. In the past year, the shares have traded as low as $9.11 and as high as $34.93. On average, 1714660 shares of CJES exchange hands on a given day and today's volume is recorded at 623886.
Source
