Does anyone know any more on the developement of this story? The people I've spoken with seem to think the two would make a good fit. Share something, will you. You can bet that NBR would be an eager party, now that the Bayard deal is done. Parker could be a willing participant, they've just been hanging and lagging behind the rest of the pact and their so called "peer group", for so long.
Just a guess but I doubt NBR would go after PKD. Were they to do so, it would be unlikely (IMO)that it would be at a price much higher, if at all, than today's. Why? Because PKD's tangible book value is less than half of stated book value. The reason: PKD bought too many assets at the peak of the market. NBR loves to buy at the bottom of cycles and therefore would NOT pay PKD, today, what PKD paid for those assets. Essentially, I am saying that NBR is not interested in purchasing a bunch of goodwill. Would they purchase some or a lot of PKD's assets instead of the company? Sure but, at today's market price not via premium stock offer.
for the right on analysis. Agree about the high price paid on Parker's part for the tools, Bolifor, etc. And too, most likely the field should look better before they (NBR) or whomever runs on to play, but at $3+, for roughly .750 billion in assets, it's not that bad of a deal even here, today. Don't you think the family part of it, the part that controls the strings and has had decades with this company is more reluctant to sell then NBR is unwilling to buy?
I agree with your post completely. That is not to say that NBR hasn't jumped at PKD twice, but what they would have offered would not have made me any money on my stock. NBR isn't approaching this in a foolish way, nor is PKD. T34 B