I think the price is a little steep.
NEW YORK (Reuters) – Oilfield services company Baker Hughes Inc said on Monday that it would buy peer BJ Services Co for $5.5 billion in a move to take on sector giants Halliburton Co and Schlumberger Ltd.
The stock-and-cash deal values BJ at a 16 percent premium over its closing price on Friday, said the companies, whose boards have approved the transaction.
