Energy
National Oilwell Varco Growing Via Grant Prideco Buyout (NOV, GRP)
Published:
Last Updated:
National Oilwell Varco, Inc. (NYSE:NOV) and Grant Prideco, Inc. (NYSE:GRP) have announced today that they have entered into a definitive merger agreement where National Oilwell Varco will acquire all of the outstanding shares of Grant Prideco.
The total consideration will equate to $58.00 per share in cash and stock. Based on December 14, 2007 closing share prices for each company, the $58.00 per share consideration represents a premium of 22% for Grant Prideco holders.
The breakdown is being put at $23.20 in cash and 0.4498 shares of National Oilwell Varco per share of Grant Prideco. National Oilwell Varco, Inc. will be the larger parent here as it will hold roughly 86% of the value of the new combined company. Based on National Oilwell Varco’s closing price on Friday the combined company will have an equity market capitalization of approximately $32 Billion.
Sign up for our own open email distribution list covering buyouts, unusual options activity, special situation previews, merger-arb spreads, and more.
NOV shares are down 3% at $74.99 pre-market and GRP shares are up 17% at $55.70 pre-market.
Jon C. Ogg
December 17, 2007
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
