Superior 4% preferreds to be convertible into cash only after merger

By Angela McDaniels

Tacoma, Wash., Aug. 9 - Superior Well Services, Inc.'s 4% series A convertible preferred stock will become convertible into cash only following the company's upcoming merger with Nabors Industries Ltd., according to an 8-K filing with the Securities and Exchange Commission.

Nabors plans to acquire Superior in a tender offer for $22.12 per share. The tender offer is expected to close by the end of the third quarter.

Each preferred will be convertible into the cash price that would have been received in the merger if that preferred had been converted into Superior common stock prior to the merger.

The preferreds are convertible into Superior common stock at $25.00 per share.

Superior Well Services is an Indiana, Pa.-based provider of well-site services to oil and natural gas companies.

Nabors is a land drilling contractor based in Hamilton, Bermuda.

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