Nabors, Tesco Beat Energy Investor’s Bid to Revive Merger Row

A former Tesco Corp. investor who challenged the firm’s 2017 merger with Nabors Industries Ltd. lost a bid to revive his would-be class suit Wednesday after the Fifth Circuit affirmed the dismissal.

The oilfield services firm allegedly left out important information from a proxy statement that led shareholders to vote in favor of the Nabors merger. But the challenged portions of the proxy weren’t misleading, the U.S. Court of Appeals for the Fifth Circuit said.

It wasn’t misleading for the proxy to describe a premium as “significant” because a “reasonable shareholder would have relied on the actual quantity of ...