Stockholders Approve BHI-BJ Services Merger
BJ Services' stockholders voted to approve and adopt the Agreement and Plan of Merger with Baker Hughes today. Baker Hughes' stockholders voted to approve issuance of additional shares of common stock of Baker Hughes related to the merger with BJ Services pursuant to the Agreement and Plan of Merger. The Baker Hughes stockholders also approved amendments to the two Baker Hughes Long-Term Incentive Plans for directors, officers and employees.
As previously disclosed, Baker Hughes and BJ Services have reached a general understanding with the Antitrust Division of the U.S. Department of Justice regarding divestitures that will be required as a condition to governmental approval of the pending merger. The companies expect that the closing will occur as soon as practicable in early April following approval by the Antitrust Division of the U.S. Department of Justice and the Federal District Court in Washington, D.C. of a Final Judgment, subject to the other closing conditions.