Basic Energy Services’ (ticker: BAS) board of directors has unanimously declined an unsolicited proposal from Key Energy Services, Inc. (ticker: KEG) to combine with Key in a stock-for-stock transaction.

“After a careful review, conducted in consultation with its advisors, Basic’s board of directors unanimously concluded that the proposal is not in the best interests of Basic and its stockholders,” Basic said in a press release.

In a letter responding to Key Energy Services’ offer to combine with Basic, Basic Chairman Timothy Day said, “T...

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