C&J Energy Services Inc. (NYSE: CJES) stockholders, at a special stockholder meeting held March 20, approved the proposed merger contemplated by the agreement and plan of merger, dated as of June 25, 2014, by and among C&J, Nabors Industries Ltd., Nabors Red Lion Ltd., Nabors CJ Merger Co. and CJ Holding Co.
If the merger of C&J with Nabors' completion and production services business is completed, Nabors CJ Merger Co., a direct wholly owned subsidiary of Red Lion, will merge with and into C&J, with C&J surviving as a wholly owned subsidiary of Red Lion. In connection with the closing of the merger, Red Lion will change its name to "C&J Energy Services Ltd." and will be listed on the New York Stock Exchange under the ticker "CJES."
The approvals by the C&J stockholders satisfy one of the conditions required to finalize the merger. The consummation of the merger remains subject to certain other customary closing conditions. Subject to the satisfaction of all such conditions, the parties expect to complete the merger by the end of March.