Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Quintana Energy Services, Inc. (“Quintana” or the “Company”) (QES: QES) to KLX Energy Services Holdings, Inc. (“KLXE”) (NASDAQ: KLXE). Under the terms of the merger, Quintana shareholders will receive 0.4844 shares of KLXE common stock for each share of Quintana common stock. The combined company will retain the name KLX Energy Services and the listing on Nasdaq under the ticker “KLXE”. Following the merger, KLXE and Quintana shareholders will, respectively, own approximately 59% and 41% of the equity of the combined company on a fully diluted basis.
The Quintana merger investigation concerns whether the Board of Quintana breached their fiduciary duties to stockholders by agreeing to enter into this transaction and whether the merger undervalues Quintana relative to KLXE, thereby harming Quintana shareholders.
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