Smith International extends exchange offer for W-H Energy shares

By Lisa Kerner

Charlotte, N.C., Aug. 1 - Smith International, Inc. said it extended the expiration of its exchange offer for all the outstanding shares of W-H Energy Services, Inc. to midnight ET on Aug. 8, from Aug. 4.

The offer originally was scheduled to end at midnight ET on July 22.

According to Smith, 3,992,249 shares of W-H Energy common stock were tendered as of Aug. 1.

The Hart-Scott-Rodino waiting period in the proposed merger of the two Houston-based companies is set to end on Aug. 18 unless early termination is granted, Smith and W-H Energy noted.

It was previously reported that W-H Energy agreed to be acquired by Smith in a cash and stock deal valued at approximately $3.2 billion, or $93.55 per share.

Under the companies' definitive merger agreement, W-H Energy shareholders will receive $56.10 per share and 0.48 Smith common shares for each W-H Energy share they hold, according to a prior news release.

Alternatively, W-H holders can elect to receive either $93.55 in cash or 1.199 shares of Smith stock.

W-H Energy is a diversified oilfield service company. Smith supplies products and services to the oil and gas exploration and production industry.

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