At a special shareholders’ meeting held Dec. 27 in Houston, Robbins & Myers Inc. [NYSE: RBN] announced the approval of the company’s merger with National Oilwell Varco Inc.
Based on the terms of the merger agreement, Robbins & Myers will become a wholly-owned subsidiary of National Oilwell Varco, and shareholders of Robbins & Myers will receive $60 in cash for each outstanding common share. The merger was approved by the holders of approximately 85.7% of the outstanding shares of Robbins & Myers entitled to vote on the transaction.
The closing of the merger is subject to certain closing conditions, including clearance from the US Department of Justice under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and clearance by the Canadian Competition Bureau under the Competition Act of Canada.
Robbins & Myers Inc. is a major supplier of engineered, application-critical equipment and systems in global energy, chemical, and other industrial markets.
National Oilwell Varco designs, manufactures, and sells equipment and components used in global oil and gas drilling and production operations. The company also provides oilfield services and supply chain integration services to the upstream oil and gas industry worldwide.