RE:Issuing stock to acquire ESNYou are 100% correct. Then should spin the downhole tool business (TCW was in it before - sucked at it; sold it to NOV).
The thing that makes that difficult IMO is the incumbent Board and Management at ESN. Huge change of control payments (relative to market cap) payable if a deal got done and a bunch of long time directors lose their gravy train... ESN is an undervalued business no doubt. Small premium from TCW and being a part of the ride moving forward would be a good outcome for all parties.