Complete Production Shares Skyrocket On Merger News

By Houston Business Journal

Complete Production Services Inc. (NYSE: CPX) shares soared in heavy volume Monday on the news that the Houston oilfield service provider would be acquired by a New Orleans-based competitor.

Complete Production shares finished Monday's session up $8.04, or nearly 40 percent, to close at $28.42, after moving past $29 earlier in the day. Trading volume was 25.2 million shares, compared to typical daily volume of 2.6 million.

On the other hand, shares of Superior Energy Services Inc. (NYSE: SPN), that agreed to buy Complete Production in a deal valued at $2.7 billion, saw its shares decline 13 percent.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/houston/news/2011/10/10/complete-production-shares-skyrocket.html?ana=thestreet

Copyright bizjournals.com 2010

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