Robbins & Myers Inc. (RBN: Quote) said its shareholders approved its merger with National Oilwell Varco, Inc. (NOV: Quote). As per the agreement, Robbins & Myers would become an unit of National Oilwell Varco and shareholders of Robbins & Myers would receive $60.00 cash for each outstanding share. The merger was approved by the holders of nearly 85.7% of the outstanding shares of Robbins & Myers entitled to vote on the transaction.
The completion of the merger is subject to certain closing conditions, including clearance from the United States 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. The parties continue to work to obtain the required clearances, but cannot predict if or when such clearances would be received or the terms of any such clearances.
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by RTT Staff Writer
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