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NABORS INDUSTRIES, INC. ANNOUNCES ACQUISITION

 HOUSTON, Oct. 13 /PRNewswire/ -- Equity Strategies Fund, Inc. (ESI), an open-ended mutual fund and Nabors Industries, Inc. ("Nabors") (AMEX: NBR), announced that a filing was made last Friday with the Securities and Exchange Commission. The filing concerned the previously disclosed transaction whereby Nabors will acquire all of ESI's assets, consisting of 12.5 million shares of Nabors stock and approximately $5.5 million cash, in exchange for newly issued registered shares of Nabors stock with a market value equal to the market value of the assets being acquired.
 The Nabors stock will be distributed pro rata to the stockholders of ESI in accordance with the Agreement and Plan of Reorganization between ESI and Nabors, after which ESI will be liquidated. Nabors will not assume any liabilities of ESI.
 The transaction will enable ESI to distribute its assets to its stockholders in a tax free manner. The transaction may also have the effect of increasing the liquidity of Nabors stock. Martin J. Whitman, chairman, president and chief executive officer of ESI will continue to be a director of Nabors.
 The consummation of the transaction is subject to, among other things, approval of the shareholders of ESI and obtaining an exemptive order from the Securities and Exchange Commission under the Investment Company Act of 1940.
 Nabors is one of the largest international land drilling companies, operating approximately 225 land rigs, as well as 10 platform, three jackup and one barge rig. The company is a major participant in most of the significant oil, gas and geothermal drilling markets of the world, including Alaska, the Middle East, South and Central America, the North Sea, the Far East, West and North Africa, Canada, the "lower 48" and the Gulf of Mexico. Complementing its drilling business, Nabors provides comprehensive oil field management, logistics and engineering services.
 -0- 10/13/93
 /CONTACT: Harris Kaplan of Nabors Industries, 713-874-0035/
 (NBR)


CO: Nabors Industries, Inc.; Equity Strategies Fund, Inc. ST: Texas IN: OIL SU: TNM

MP -- NY067 -- 1704 10/13/93 13:00 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
Words:336
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