Shareholders Sue To Block $6.2B Oil Services Merger

Law360, New York (November 2, 2011, 6:54 PM EDT) -- Texas-based oil services company Complete Production Services Inc. was hit with a putative shareholder class action Tuesday aiming to block its proposed $6.2 billion merger with Superior Energy Services Inc.

The City of Monroe Employees' Retirement System brought suit on behalf of Complete shareholders, claiming the exchange of one Complete share per 0.945 Superior share and $7 in cash was too low for the company's value and was a disservice to Complete shareholders.

Plaintiffs argue that the board of directors acted in its own interest to...
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