Oil States (OIS) Confirms Evaluation of Split of Accommodations Business after JANA Partners Inquiry

May 3, 2013 9:49 AM EDT Send to a Friend
Activist investor target Oil States International Inc. (NYSE: OIS) said Friday that, in response to investor inquiries, the Company confirmed that it is continuing its evaluation of a potential separation of its Accommodations business.

Oil States said its analysis has and will involve a review of the tax, legal, financial and operational complexities associated with such a separation of a multi-jurisdictional business, specifically including a potential REIT conversion.

The company said there can be no assurance that the Company will conclude that any separation transaction including, but not limited to, a potential REIT conversion is feasible and advisable, or that if any transaction is pursued, that it will be consummated.

On April 29, in a 13D filing, hedge fund JANA Partners disclosed a 9.1%, or 5,000,002 share, stake in Oil States. The firm believes shares are undervalued and noted that it had discussions with management relating to the corporate structure including a discussion on April 26, 2013 regarding separating its Well Site Services segment from its Accommodations segment and the formation of a REIT for Accommodations.


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