Robbins & Myers and National Oilwell Varco unveil merger agreement
Robbins & Myers and National Oilwell Varco intend to merge.
Business negotiations between National Oilwell Varco and Robbins & Myers have resulted in the firms announcing that they have entered a merger agreement.
This will involve Robbins & Myers being acquired for $60 (£38.4) per share, which values the enterprise at around $2.5 billion.
Approximately 42.4 million shares of Robbins & Myers are outstanding and boards of directors from both firms have approved the deal.
Closure is forecast to occur during the fourth quarter of 2012, following the completion of customary closing conditions and the approval of at least two-thirds of Robbins & Myers shareholders.
Merger and acquisition consultants could still be needed, as Glancy Binkow & Goldberg has revealed it is to investigate if fiduciary duties were breached by Robbins & Myers, as well as whether the enterprise failed to provide shareholders with all material information about the tie-up.
"We are extremely excited about this combination and look forward to welcoming a very talented group of employees into the National Oilwell Varco family," chief executive officer, president and chairman of National Oilwell Varco Pete Miller said.
Posted by Ron Maverick
Source: National Oilwell Varco press release, August 9th