Smith International extends exchange offer for W-H Energy Services shares

By Devika Patel

Knoxville, Tenn., July 18 - 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. 4.

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

The companies also announced that Smith withdrew and refiled its Hart-Scott-Rodino notification with the Antitrust Division of the Department of Justice, and the Hart-Scott-Rodino waiting period is now slated to expire at 11:59 p.m. on Aug. 18.

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, a joint news release said.

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 located in Houston.

Smith, also based in Houston, supplies products and services to the oil and gas exploration and production industry.

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