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Oil States to Spin-Off Accomodations Business
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Oil States International Inc. has reported that, consistent with the Company's strategy to enhance shareholder value, the board of directors has unanimously approved a plan to spin-off the Accommodations business into a standalone, publicly traded company.
Oil States believes that the proposed spin-off of its Accommodations business can be executed through a tax-free distribution to Oil States shareholders during or before the summer of 2014.
Cindy B. Taylor, Oil States' President and Chief Executive Officer, commented: "In recent years we have successfully grown Oil States and created significant value for shareholders, and we believe that the spin-off of the Accommodations business could further that shareholder value creation. The proposed spin-off transaction will result in two…
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