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Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Complete Production Services, Inc. (NYSE: CPX) (referred to as "Complete" or the “Company”) to Superior Energy Services, Inc. (“Superior”) in a cash and stock transaction valued at approximately $2.7 billion.
Under the terms of the agreement, Complete stockholders will receive 0.945 common shares of Superior and cash of $7.00 in exchange for each share of Complete common stock held at closing. Upon closing, and reflecting the issuance of new Superior shares, Superior and Complete stockholders are expected to own approximately 52% and 48%, respectively, of Superior's outstanding shares.