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Industry Brief

C&J Energy Services Inc. has engaged Morgan Stanley to begin soliciting alternative proposals to purchase the company, or a controlling stake in the company, that are "superior" to its proposed $2.89 billion combination with Nabors Industries Ltd.'s completion and production services business. The move comes after the Delaware Chancery Court temporarily issued a preliminary injunction that requires the company to solicit other proposals until 5 p.m. Dec. 26 (see Shale DailyNov. 25). The order, which C&J is appealing, "will not constitute a breach of the merger agreement related to the proposed Nabors transaction in any respect," officials noted.

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