Smith Shares Jump, Schlumberger Down On $11B Takeover |
Wall Street Journal - Feb 22, 2010 |
Shares of Smith International Inc. (SII) rose as investors were pleased about the hefty premium offered by Schlumberger Ltd. (SLB) in its $11 billion takeover offer. Schlumberger's shares, meanwhile, fell on the deal.
The all-stock transaction, the year's largest acquisition, will make Schlumberger by far the world's biggest oilfield services company. Smith shareholders will get 0.6966 Schlumberger share for each Smith share they own - a 37.5% premium over Smith's share price Thursday, when news of the potential deal was first reported. The deal values Smith at $44.51 a share based on Friday's close.
Smith's shares climbed toward the offer price, rising 7.1% to $40.36 in recent trading on heavy volume after rising as high as $40.50 earlier. The stock rose 13% Friday, and is up 49% so far this year. Schlumberger's stock, meanwhile, fell 5.3% to $60.47. Its shares are off 7.1% so far this year and fell 2.9% Friday.
Read Full Article from Wall Street Journal
- Posted: 2010-02-22 11:28:12
More Stock Investor Place Company News |
|
|
|
Stock Investor Place Company News Archive |
|
|