Nabors Industries Faces Demand Letters Related to Merger

Nabors Industries Ltd. (NYSE: NBR) recently disclosed receiving demand letters from putative shareholders following its agreement with Parker Drilling Company regarding a merger. The merger agreement, finalized on October 14, 2024, involves the merger of Merger Sub with Parker, with Parker surviving the merger as a wholly-owned subsidiary of Nabors.

On December 9, 2024, Nabors filed a definitive joint proxy statement/prospectus with the Securities and Exchange Commission (SEC) for a special general meeting scheduled for January 17, 2025, where shareholders will vote on approving the issuance of Nabors common shares to Parker stockholders as part of the merger.

Despite Nabors and Parker deeming the demand letters without merit, both entities have opted to voluntarily amend and supplement the Definitive Proxy Statement to address concerns raised. Emphasizing that these supplemental disclosures won’t modify the merger terms or the meeting’s timing, Nabors continues to recommend voting in favor of the merger proposals.

These additional disclosures will not affect the consideration for Parker stockholders or the meeting’s schedule. Nabors underlines that the current disclosure is integrated into the Definitive Proxy Statement, which takes precedence over conflicting information.

Additionally, Nabors and Parker have included supplemental details in the Definitive Proxy Statement regarding unaudited prospective financial information for both companies. These financial details should be read alongside the original statement for complete transparency and understanding.

It is important to note that this communication is not an offer to sell securities or a solicitation of votes but rather a means to inform shareholders about the upcoming merger. Nabors has filed relevant materials with the SEC, and shareholders are advised to carefully review these documents before making any voting decisions.

Participants involved in the merger, including Nabors and Parker executives, will continue to provide information and updates regarding the proposed transaction. Forward-looking statements within this communication are subject to risks and uncertainties outlined by Nabors in SEC filings, cautioning that actual results may differ due to various factors.

As of January 7, 2025, Nabors Industries Ltd. has authorized the signing of this report by Mark D. Andrews, who serves as the Corporate Secretary.

This report serves as an essential update for shareholders and stakeholders as the merger process with Parker Drilling Company progresses.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Nabors Industries’s 8K filing here.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.