Monday, December 21, 2009

BJ Services Company Faces Investor Lawsuit over Takeover

BJ Services Company faces a accusation on account of accepted investors BJ Services Company (Public, NYSE:BJS), who purchased the shares afore August 31, 2009, over abeyant breaches of fiduciary assignment and added violations of accompaniment law in affiliation with an declared arbitrary takeover.

Those who are currently investors in shares of BJ Services Company (Public, NYSE:BJS), and purchased the shares afore August 31, 2009, accept assertive options and you should acquaintance the Shareholders Foundation, Inc. at Email: mail(at)shareholdersfoundation.com or alarm us at: +1 (858) 779 - 1554. The investigations by law firms focus on abeyant breaches of fiduciary assignment and added violations of accompaniment law by the Board of Directors of BJ Services Company (Public, NYSE:BJS) arising out of their attack to advertise BJ Services Company to Baker Hughes Inc. Baker Hughes Incorporated (NYSE: BHI) and BJ Services Company (NYSE: BJS) appear on August 31, 2009 that their Boards of Directors accept accustomed a absolute alliance agreement, which represents a transaction amount of $5.5 billion for BJ Services based on closing banal prices on August 28, 2009. According to Baker Hughes the acceding represents a exceptional to BJ Services stockholders of 16.3% over the closing amount of BJ Services banal on August 28, 2009 and beneath the agreement, BJ Services stockholders will accept 0.40035 shares of Baker Hughes and banknote of $2.69 in barter for anniversary allotment of BJ Services accepted stock. Based on the closing amount of Baker Hughes banal the day above-mentioned to the announcement, the transaction ethics BJ Services shares at about $17.93 per share.
But according to an analysis by a law close “the transaction appears to be unfair” to accepted investors of BJ Services Company (Public, NYSE:BJS) “by declining to conduct an accessible and fair arrangement action for the Company” and the “offer to acquirement BJ Services appears opportunistically timed to crop advantage of the accepted bread-and-butter downturn”. According to addition analysis the analysis “concerns whether the BJ Services Board of Directors breached their fiduciary duties to BJ Services shareholders accustomed that the Company's shares traded at a 52-week top of over $28.00 per allotment and at atomic one analyst has set a $32 amount ambition for BJ Services stock.”
BJ Services Company, amid in Houston, TX is a provider of burden pumping and oilfield casework for the petroleum industry. Pressure pumping casework abide of cementing and dispatch casework acclimated in the achievement of new oil and accustomed gas wells and in alleviative plan on absolute wells, both onshore and offshore. Oilfield casework cover case and tubular services; precommissioning, aliment and turnaround casework in the activity and action business, including activity inspection; actinic services; achievement tools, and achievement fluids. BJ Services Company appear in 2007 (ending on September 30, 2007) Total Revenue of $1.46979billion with a Net Income of $753.64million and in 2008 (ending on September 30, 2008) Total Revenue of $5.42626billion with a Net Income of $609.37million. Shares of BJ Services Company (Public, NYSE:BJS) traded at $ 16.90 per allotment afterwards the advertisement and at $15.40 per allotment afore the announcement. BJ Services Company shares (NYSE:BJS) traded over $30 in 2008 and over $40 per allotment in 2006.

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