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National Oilwell Varco, Inc., and Grant Prideco, Inc., have entered into a merger agreement in which National Oilwell Varco will acquire all of the outstanding shares of Grant Prideco for $23.20 in cash and 0.4498 shares of National Oilwell Varco per share of Grant Prideco. The combined consideration totals about $58 per share for Grant Prideco, a premium of 22%. This transaction is not expected to have an impact on Grant Prideco’s pending sale of its tubular businesses to Vallourec S.A. Upon completion of the transaction, it is anticipated that the current stockholders of National Oilwell Varco will own about 86% of the combined company, and the current Grant Prideco stockholders will own about 14%.
A subsidiary of John Wood Group PLC has agreed to acquire IMV Corp. for an initial cash consideration of C$131 million (US$140 million), with three further cash payments due in the period to 2014 ...
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