A Delaware judge has postponed the closing of a merger deal worth $2.1 billion involving Houston-based C&J Energy Services (NYSE: CJES) and Nabors Industries Ltd. (NYSE: NBR).
Investors claimed in a lawsuit the company did not attempt to get the best deal which resulted in the judge’s ruling. According to C&J founder and CEO Josh Comstock, he does not expect the ruling to “materially impact” the closing of the deal, but it could drag out into January.
Once the deal is officially approved, C&J will become the third largest oil services provider. Right behind the newly merged Halliburton (NYSE: HAL) and Baker Hughes (NYSE: BHI), and the current market leader Schlumberger Ltd. (NYSE: SLB).