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, “The company will continue to pursue its independent strategy to maximize stockholder value and is not interested in pursuing the proposed transaction.”

How they compare

Basic has a market cap of $244 million and employs more than 4,100 employees. The company provides services in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, and the Rocky Mountain and Appalachian regions.

Key Energy Services’ market cap is 274 million. Key provides a range of well intervention services in major onshore oil and gas producing regions in the continental United States.

Key’s Areas of Operations

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