Halliburton and Baker Hughes have issued a joint proxy statement/prospectus relating to the merger of Baker Hughes into a wholly owned subsidiary of Halliburton.

According to the document, when the merger is completed, Baker Hughes stockholders will receive 1.12 shares of Halliburton common stock and $19.00 in cash for each share of Baker Hughes common stock held. Based on market conditions at the time of the proxy statement/prospectus, Halliburton will issue approximately 490 million shares of Halliburton common stock and will pay approximately $8.3 billion in cash to Baker Hughes stockholders. Those amounts will be adjusted depending on the actual number of shares of Baker Hughes common stock and equity-based awards outstanding at the effective time of the merger.

At a special meeting on March 27th, Halliburton stockholders will be asked to vote on a proposal to approve the issuance of shares of Halliburton common stock as contemplated by the merger.

On the same day,  Baker Hughes stockholders will be asked to vote on a proposal to adopt the merger agreement.

 

Source: Offshore Magazine