Baker Hughes
BJ Services
Baker Hughes Incorporated agreed to buy oil field services rival BJ Services Company for $5.5 billion in cash and stock on August 31. Baker Hughes spun off BJ Services in 1990, and the companies have worked together on various projects over the years.
The target’s shareholders will receive $2.69 in cash and 0.40035 shares of Baker Hughes stock for each BJ Services share, consideration worth $17.94 the day the deal was announced, a 16 percent premium to BJ Services’s closing price on August 28, the last trading day before the announcement. The parties hope to close the deal by the end of the year pending approvals from regulators and both companies’ shareholders.
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