(By Balaseshan) Robbins & Myers Inc. (NYSE: RBN), a supplier of engineered equipment and systems, said its shareholders approved the merger with National Oilwell Varco Inc. (NYSE: NOV) at a special meeting held Thursday.
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 $60.00 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.
[Related -Warren Buffett's Latest Stock Picks And His Biggest Portfolio Holdings]
The closing 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 expect if or when such clearances will be received or the terms of any such clearances.
On August 9, National Oilwell Varco has agreed to acquire Robbins & Myers for about $2.5 billion in cash. Robbins & Myers' shareholders will receive $60.00 per share in cash in return for each of the about 42.4 million shares outstanding.
[Related -National-Oilwell Varco, Inc. (NOV): Like 'Pickaxes To Miners']
Robbins & Myers engages in the design, manufacture, and marketing of engineered, application-critical equipment and systems worldwide. The company operates in two segments: Energy Services and Process & Flow Control.
RBN is trading down 0.08% at $59.35 on Thursday, while NOV trades down 1.23% at $65.96.