KBR Shareholders Jump at Halliburton (HAL) Offer
Halliburton said Tuesday that the response to its offer to exchange its shares for those of KBR was so overwhelming, it would be able to accept only about 40 percent of the tendered Halliburton stock.
The offer, which expired at midnight Monday, is part of Halliburton Co.'s ongoing bid to separate itself from KBR Inc., the U.S. military contractor and engineering/construction outfit.
Halliburton said nearly 211 million shares have been tendered since March 2 as part of its offer to exchange one share of Halliburton stock for 1.5905 shares of KBR stock. Halliburton had offered to accept about 85.3 million shares.
The oilfield services company said it will accept only a portion of the tendered shares on a prorated basis.
Halliburton stockholders who tendered their shares by delivering a notice of guarantee to exchange agent Mellon Investors Services LLC must deliver the shares and required documents to Mellon by 5 p.m. EDT Thursday.
Shares of Halliburton rose 46 cents to $32.73 in early afternoon trading on the New York Stock Exchange. They've traded in a range of $26.33 to $41.99 in the past year. KBR shares were up 22 cents to $20.91, also on the NYSE. They've traded in a range of $19.66 to $27.63 since their debut in November.
The offer, which expired at midnight Monday, is part of Halliburton Co.'s ongoing bid to separate itself from KBR Inc., the U.S. military contractor and engineering/construction outfit.
Halliburton said nearly 211 million shares have been tendered since March 2 as part of its offer to exchange one share of Halliburton stock for 1.5905 shares of KBR stock. Halliburton had offered to accept about 85.3 million shares.
The oilfield services company said it will accept only a portion of the tendered shares on a prorated basis.
Halliburton stockholders who tendered their shares by delivering a notice of guarantee to exchange agent Mellon Investors Services LLC must deliver the shares and required documents to Mellon by 5 p.m. EDT Thursday.
Shares of Halliburton rose 46 cents to $32.73 in early afternoon trading on the New York Stock Exchange. They've traded in a range of $26.33 to $41.99 in the past year. KBR shares were up 22 cents to $20.91, also on the NYSE. They've traded in a range of $19.66 to $27.63 since their debut in November.
posted by Stock Administrator @ 1:21 PM
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