Key Energy Services, Inc. (NYSE:KEG) sent a proposal to acquire Basic Energy Services, Inc. (NYSE:BAS) for approximately $210 million from a group of shareholders on September 20, 2018. Under the terms of proposal, Key Energy will acquire all outstanding capital stock of Basic Energy at a fixed exchange ratio of 0.773 shares of common stock. Post transaction, shareholders of Key Energy would own approximately 51% of the combined company and the shareholders of Basic Energy would own approximately 49% of the combined company.

The transaction is subject to the approval of Key Energy's Board, a period of limited mutual due diligence, and execution of mutually acceptable definitive documentation, shareholder approvals of both the companies and customary closing conditions. The transaction will be accretive to both sets of shareholders after consideration of cost synergies, which are estimated to be $65 million annually when achieved. As on September 24, 2018, the transaction has been unanimously declined by the board of directors of Basic Energy Services. The proposal has been declined as it is not in best of interests of Basic and its stockholders as per the board of directors of Basic.

Key Energy Services, Inc. (NYSE:KEG) cancelled the acquisition of Basic Energy Services, Inc. (NYSE:BAS) from a group of shareholders on September 24, 2018.