WASHINGTON, Sept. 1, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP is investigating potential shareholder claims arising from the proposed acquisition of BJ Services Co. ("BJ Services" or the "Company") (NYSE:BJS) by Baker Hughes, Inc. ("Baker Hughes") (NYSE:BHI). Under the terms of the proposed merger, BJ Services stockholders will receive 0.40035 shares of Baker Hughes stock and $2.69 in cash for each share of BJ Services common stock owned. 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 is focused on the potential unfairness of the proposed merger price and on the process by which the BJ Services Board of Directors is addressing the offer. 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.
If you are interested in discussing your rights as a BJ Services shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers. To learn more about Finkelstein Thompson LLP, please visit our web site at www.finkelsteinthompson.com.