Diversified machinery company Robbins & Myers Inc. (RBN) announced Friday that the company and National Oilwell Varco Inc. (NOV) have each received a supplemental information request for information and documents from the Canadian Competition Bureau in connection with the proposed merger transaction in which National Oilwell Varco would acquire all of the outstanding shares of Robbins & Myers for $60.00 per share in cash.
The effect of this request is to extend the waiting period imposed by the Competition Act of Canada until 30 days after Robbins & Myers and National Oilwell Varco have each complied with the request.
Robbins & Myers also announced that it and National Oilwell Varco are in discussions with the United States Department of Justice or DOJ regarding a timing agreement to allow the DOJ additional time to complete its review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The terms of the timing agreement have not been finalized, but will extend the review period past December 31, 2012.
Robbins & Myers said it has scheduled its special meeting of shareholders to consider approval of the merger for December 27, 2012.
In August, Oilfield equipment maker National Oilwell Varco agreed to acquire Robbins & Myers for about $2.5 billion. The deal provides shareholders of Robbins & Myers with $60.00 in cash for each share held. It represented a 28 percent premium to Robbins & Myers closing price on 8th August 2012.
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