Energy Service Seeks to Halt Gearhart Deal
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Energy Service Co. has filed suit against Halliburton Co. seeking to prevent Halliburton’s proposed acquisition of Gearhart Industries Inc., according to a filing with the Securities and Exchange Commission.
Energy Service, which owns $66.7 million in Halliburton’s subordinated debt, alleges that the Dallas-based company violated its subordinated debt agreement when it attempted to complete the merger without the consent of debt holders.
Halliburton said the charges are without merit and that it intends to proceed with its $2.25-a-share tender offer for Gearhart, according to the filing.
Ft. Worth based Gearhart and Halliburton provide specialized services for oil and gas drilling.
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