The latest issue of Forbes (6/21/04) contains an article on public companies which have the attributes to be excellent LBO's--nichemanship, stability, cash flows, etc.--and cites SPN as one of five excellent candidates to be taken private.
I don't understand the reasoning. Usually, management takes a company private because the market is severely hammering its share price in spite of good earnings, or to unlock value. However, in my opinion, SPN is fairly valued, maybe even on the high side.
One of the big unknown for SPN is the Resources opertions. How many fields will they be able to takeover and generate work at normal rates for their services operations and also generate oii/gas profits. Change in accounting rules says this could coming in a big way in the net few months, locking significant unrecognized earnings power. IMO if the company is still public the stock price could easily double.