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August 1, 2014
13:19 EDTBHIBaker Hughes reports U.S. rig count up 6 to 1889 rigs
Baker Hughes announced that the U.S. Rig Count is up 6 rigs from last week to 1889, with oil rigs up 11 to 1573, gas rigs down 5 to 313, and miscellaneous rigs unchanged at 3. Says the U.S. Rig Count is up 107 rigs from last year at 1782, with oil rigs up 185, gas rigs down 75, and miscellaneous rigs down 3. The U.S. Offshore rig count is 58, down 2 rigs from last week, and unchanged year over year.
News For BHI From The Last 14 Days
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November 17, 2014
12:27 EDTBHIOn The Fly: Midday Wrap
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11:11 EDTBHIHigh option volume stocks:
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09:36 EDTBHIActive equity options trading
Active equity options trading according to Track Data: AAPL PBR BHI GILD MU HD AMZN TSLA YHOO FB TWTR
09:22 EDTBHIOn The Fly: Pre-market Movers
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08:35 EDTBHIHalliburton says tax synergies may come on top of other synergies outlined
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08:21 EDTBHIHalliburton says has identified numerous potential buyers if divestitures needed
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07:47 EDTBHIHalliburton volatility elevated into Baker Hughes acquiring for $34.6B
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07:19 EDTBHIBaker Hughes volatility elevated into Halliburton acquiring for $34.6B
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07:12 EDTBHIBloomberg / Mayer Brown to co-host a conference
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07:12 EDTBHIHalliburton and Baker Hughes host conference call
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07:08 EDTBHIBaker Hughes up 18% following acquisition by Halliburton
06:56 EDTBHIHalliburton subject to $3.5B break up fee
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06:56 EDTBHIHalliburton CEO Lesar to remain CEO of combined company, board to expand to 15
The combined company will maintain the Halliburton (HAL) name and continue to be traded on the New York Stock Exchange under the ticker symbol “HAL.” The company will be headquartered in Houston, Texas. Dave Lesar will continue as chairman and CEO of the combined company. Following the completion of the transaction, the combined company’s board is expected to expand to 15 members, three of whom will come from the Board of Baker Hughes. Concurrently with the execution of the merger agreement, Halliburton withdrew its slate of directors nominated for the board of Baker Hughes.
06:52 EDTBHIBaker Hughes holders to receive 1.12 Halliburton shares plus $19.00 cash
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06:50 EDTBHIHalliburton sees nearly $2B in annual cost synergies
Dave Lesar, chairman and CEO of Halliburton (HAL) stated, "The stockholders of Baker Hughes (BHI) will immediately receive a substantial premium and have the opportunity to participate in the significant upside potential of the combined company. Our stockholders know our management team and know we live up to our commitments. We know how to create value, how to execute, and how to integrate in order to make this combination successful. We expect the combination to yield annual cost synergies of nearly $2 billion. As such, we expect that the acquisition will be accretive to Halliburton’s cash flow by the end of the first year after closing and to earnings per share by the end of the second year. We anticipate that the combined company will also generate significant free cash flow, allowing for the return of substantial capital to stockholders.”
06:47 EDTBHIHalliburton to acquire Baker Hughes for $78.62 per share
Halliburton (HAL) and Baker Hughes (BHI) announced a definitive agreement under which Halliburton will acquire all the outstanding shares of Baker Hughes in a stock and cash transaction. The transaction is valued at $78.62 per Baker Hughes share, representing an equity value of $34.6B and enterprise value of $38B, based on Halliburton’s closing price on November 12, the day prior to public confirmation by Baker Hughes that it was in talks with Halliburton regarding a transaction. Upon the completion of the transaction, Baker Hughes stockholders will own approximately 36% of the combined company. The agreement has been unanimously approved by both companies’ boards. The transaction combines two highly complementary suites of products and services into a comprehensive offering to oil and natural gas customers. On a pro-forma basis the combined company had 2013 revenues of $51.8B, more than 136,000 employees and operations in more than 80 countries around the world.
06:45 EDTBHIHalliburton, Baker Hughes reach agreement to combine
05:54 EDTBHIStocks with implied volatility movement; BHI CZR
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November 16, 2014
15:26 EDTBHIBaker Hughes, Halliburton differed on pace of deal discussions, WSJ says
Before going hostile, Halliburton (HAL) indicated it would raise its mid-October bid to buy Baker Hughes (BHI), says the Wall Street Journal. According to the Wall Street Journal report, Halliburton did not come through with an improved bid before Friday, a deadline to nominate directors to Baker Hughes’s board for the company’s annual meeting in April. According to people familiar with the matter between Oct. 13, when Halliburton made its proposal to Baker Hughes, and this past Friday, Halliburton felt Baker Hughes wasn’t engaging on the offer and Baker Hughes felt pressured by its rival to act quickly under a deadline, added the Wall Street Journal. Reference Link
November 15, 2014
08:21 EDTBHIBaker Hughes says Halliburton trying to replace entire board
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