HOUSTON--(BUSINESS WIRE)--Dec. 15, 2017--
Halliburton (NYSE: HAL) today announced that it has received notice of
an unsolicited mini-tender offer by Baker Mills LLC (“Baker Mills”) to
purchase up to 125,000 shares of Halliburton common stock from
Halliburton’s stockholders. The offer represents approximately 0.0143
percent of Halliburton’s shares of common stock outstanding as of the
December 8, 2017 offer date. Baker Mills’s offer price of $36.00 per
share is approximately 17.2 percent lower than the $43.46 closing share
price of Halliburton’s common stock on the New York Stock Exchange on
December 7, 2017, the last trading day prior to the offer date.
Halliburton does not endorse Baker Mills’s unsolicited mini-tender offer
and is not associated in any way with Baker Mills, its mini-tender offer
or its mini-tender offer documents. Because Baker Mills’s offer price is
below the current market value for Halliburton’s common stock,
Halliburton recommends that stockholders reject this unsolicited offer
and not tender their shares in response to Baker Mills’s offer, or, if
stockholders have already tendered shares, that they withdraw their
shares by providing the written notice described in the Baker Mills
mini-tender offer documents prior to the expiration of the offer,
currently scheduled for 5:00 p.m., Eastern Time, on January 18, 2018.
Baker Mills has made similar mini-tender offers for shares of other
companies. Mini-tender offers, such as this one, seek to acquire less
than 5 percent of a company’s shares outstanding, thereby avoiding many
disclosure and procedural requirements of the U.S. Securities and
Exchange Commission (“SEC”). As a result, mini-tender offers do not
provide investors with the same level of protections as provided by
larger tender offers under U.S. securities laws.
The SEC has cautioned investors that some bidders making mini-tender
offers at below-market prices are “hoping that they will catch investors
off guard if the investors do not compare the offer price to the current
market price.” The SEC’s cautionary advice to investors regarding these
offers is on its website at: www.sec.gov/investor/pubs/minitend.htm.
Halliburton urges investors to obtain current market quotations for
their shares, to consult with their broker or financial advisor and to
exercise caution with respect to Baker Mills’s offer.
Halliburton encourages brokers and dealers, as well as other market
participants, to review the SEC’s letter regarding broker-dealer
mini-tender offer dissemination and disclosure at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Halliburton requests that a copy of this news release be included with
all distributions of materials relating to Baker Mills’s mini-tender
offer related to shares of Halliburton common stock.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With approximately 50,000
employees, representing 140 nationalities and operations in
approximately 70 countries, the company helps its customers maximize
value throughout the lifecycle of the reservoir – from locating
hydrocarbons and managing geological data, to drilling and formation
evaluation, well construction and completion, and optimizing production
throughout the life of the asset. Visit the company’s website at www.halliburton.com.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20171215005777/en/
Source: Halliburton
Halliburton
Investors:
Lance Loeffler,
281-871-2688
Halliburton, Investor Relations
Investors@Halliburton.com
or
Media:
Emily
Mir, 281-871-2601
Halliburton, Public Relations
PR@Halliburton.com
