Grant Prideco, National Oilwell respond to Department of Justice request for more time

By Lisa Kerner

Charlotte, N.C., Feb. 7 - Grant Prideco, Inc. and National Oilwell Varco, Inc. agreed to voluntarily provide the U.S. Department of Justice with additional time to review National Oilwell's proposed acquisition of Grant Prideco.

As a result, National Oilwell withdrew and refiled its pre-merger notification and report form under the Hart-Scott-Rodino Antitrust Act, restarting the 30-day initial review period, according to a company news release.

In December, National Oilwell agreed to acquire Grant Prideco for a total consideration of $58.00 per share.

As previously reported, the Houston-based companies' definitive agreement gives Grant Prideco shareholders $23.20 in cash and 0.4498 of a share of National Oilwell per share of Grant Prideco.

The merger is expected to close following the Grant Prideco stockholder meeting late in the first quarter or early in the second quarter.

Houston-based National Oilwell manufactures and sells equipment and components used in oil and gas drilling and production operations.

Grant Prideco, also based in Houston, specializes in drill bits, drill stem technology and specialty tools for the oil and gas industries.

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