received antitrust approval to acquire
, and now the completion of the merger awaits the approval of shareholders from both companies.
Last month, Patterson and UTI
agreed to a stock-swap merger valued at $1.34 billion that will create a new company,
. Patterson will exchange one common share for each share of UTI.
Patterson is based in Snyder, Texas, and provides land-based drilling services to independent oil and natural gas companies. UTI Energy is headquartered in Houston and offers contract drilling and pressure pumping services.
Shares of Patterson lost 75 cents, or 2.3%, to $32.63 in recent
trading, while UTI fell 49 cents, or 1.5%, to $32.31 on the
American Stock Exchange