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No stranger to big takeovers, National Oilwell Varco struck a deal Monday to acquire Grant Prideco, a move that makes it a bigger player in the global drillpipe and drillbit business. National Oilwell's proposed cash and stock offer values Grant Prideco at $7.4 billion.
Grant Prideco shareholders will receive $23.20 per share in cash and 0.45 shares of National Oilwell for each Grant Prideco share. The deal values Grant Prideco at $58/share, which represents at 22% premium over last Friday's close.
Monday's transaction is not expected to affect Grant Prideco's pending sale of its tubular products businesses to Vallourec. Grant Prideco announced in October that it is selling part of its tubing business...