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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.