The consideration for each share of CPX is 0.945 shares of SPN plus $7 in cash. SPN shareholders will end up owning 52% of the combined company, which is why the companies are billing this as a “merger of equals.”
The annual revenue of the combined company is about $4B, which is 10-15% as much as industry leader SLB and about four times as much as my favorite oil-services company, CLB.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”