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Smith International tender offer for W-H Energy set to end July 22
By Lisa Kerner
Charlotte, N.C., June 24 - Smith International, Inc. began an exchange offer for all the outstanding shares of W-H Energy Services, Inc., it was announced on Tuesday.
The offer is scheduled to end at midnight ET on July 22, unless extended.
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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