Nabors Triumphs In Investor Suit Over $900M SWSI Deal

Law360, New York (July 7, 2011, 6:22 PM EDT) -- A New York appeals court ruled Thursday that Nabors Industries Ltd.'s $900 million acquisition of Superior Well Services Inc. was not a fundamental change as defined in contracts that would have triggered increased payouts for holders of preferred SWSI stock.

Nabors announced in August that it would pay about $22 per share for SWSI common stock and nearly $885 per share of preferred stock. But preferred shareholders argued that the deal was a fundamental change as defined by the contracts governing the preferred shares, which would...
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