Robbins & Myers holders approve $2.55B sale

Robbins & Myers shareholders approve $2.55 billion sale to National Oilwell Varco

Associated Press

HOUSTON (AP) -- Robbins & Myers shareholders approved the company's $2.55 billion sale to National Oilwell Varco Inc.

Robbins & Myers Inc. agreed to be purchased by National Oilwell Varco in August. It's stockholders will receive $60 per share.

Both companies are based in Houston and do business around the world in the oil and gas industry. Robbins & Myers makes and services pumps, valves and other equipment used to control the flow of oil and gas in drilling operations.

On Saturday Robbins & Meyers said that the pending buyout would not be able to close before Feb. 18, unless federal antitrust regulators grant consent before then. Robbins & Myers said that it and National Oilwell Varco have agreed with the U.S. Department of Justice to provide the agency at least 30 days' notice before concluding the deal.

That update came two weeks after Robbins & Myers said that antitrust inquiries by U.S. and Canadian will push the closing into 2013.

Shares of Robbins & Myers shed 5 cents to $59.35 in morning trading on Thursday. National Oilwell Varco's stock fell 49 cents to $66.29.

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