Baker Hughes Inc. (BHI) announced Monday morning that it agreed to be acquired by Halliburton (HAL) in a stock and cash transaction valued at $78.62 per Baker Hughes share.
Baker Hughes gapped open sharply higher Monday, but was range-bound throughout the session. The stock closed up by 5.34 at $65.23 on the highest volume of the year. Baker Hughes jumped to a month and a half high.
Halliburton gapped open sharply lower Monday and pulled back in early trade. The stock declined throughout the second half of the session and finished with a loss of 5.85 at $49.23 on the highest volume of the year. Halliburton closed testing support, trading at a 1-month low.
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