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| Protecting the Rights of Shareholders and Consumers |
BJ Services Company Securities Litigation
BJ Services Company (NYSE: BJS) shareholder litigation over alleged unfair takeover
On August 31, 2009, BJ Services Company (“BJ Services” or the “Company”) announced that it agreed to sell the Company to
Baker Hughes Inc. ("Baker Hughes") (NYSE: BHI). Under the terms of the agreement, each BJ Services shareholders will receive
0.40035 shares of Baker Hughes stock as well as $2.69 in cash for each share of BJ Services they own for a total transaction
value of approximately $5.5 billion. Based on the closing price of Baker Hughes stock the day prior to the announcement, the
transaction values BJ Services shares at approximately $17.93 per share.
The investigation concerns whether the BJ Services Board of Directors breached their fiduciary duties to BJ Services
shareholders given that the Company's shares traded at a 52-week high of over $28.00 per share and at least one analyst has
set a $32 price target for BJ Services stock.
Levi & Korsinsky is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of BJ
Services arising out the agreement to sell the Company under these terms.
On August 31, 2009, BJ Services Company (“BJ Services” or the “Company”) announced that it agreed to sell the Company to
Baker Hughes Inc. ("Baker Hughes") (NYSE: BHI). Under the terms of the agreement, each BJ Services shareholders will receive
0.40035 shares of Baker Hughes stock as well as $2.69 in cash for each share of BJ Services they own for a total transaction
value of approximately $5.5 billion. Based on the closing price of Baker Hughes stock the day prior to the announcement, the
transaction values BJ Services shares at approximately $17.93 per share.
The investigation concerns whether the BJ Services Board of Directors breached their fiduciary duties to BJ Services
shareholders given that the Company's shares traded at a 52-week high of over $28.00 per share and at least one analyst has
set a $32 price target for BJ Services stock.
Levi & Korsinsky is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of BJ
Services arising out the agreement to sell the Company under these terms.
