C&J Energy Services Inc. (NYSE: CJES) reports that the Delaware Supreme Court has ruled to overturn a bench ruling and order of the Delaware Court of Chancery dated Nov. 24 and 25, respectively, which had required C&J Energy to solicit alternative proposals to purchase the company (or a controlling stake in the company) from other potential buyers for a period of 30 days before holding its stockholder meeting to approve the merger agreement with Nabors Industries Ltd.
The Delaware Supreme Court found that C&J Energy had pursued its proposed transaction with Nabors in compliance with the company's fiduciary duties toward all of its stockholders. As a result of this ruling, C&J and Nabors are free to proceed to closing following receipt of C&J stockholder approval and C&J is immediately terminating its previously announced solicitation of alternative proposals.
Josh Comstock, C&J's founder, chairman and CEO, said, "We continue to believe firmly that the transaction with Nabors creates a diversified completion and production services provider and will create significant stockholder value. We therefore remain focused on closing the transaction as soon as possible. We look forward to integrating our operations as soon as possible and working with our new employees to realize the many benefits offered by this transformative transaction."