Dril-Quip, Inc. (NYSE:DRQ) and Innovex Downhole Solutions, Inc. have announced the withdrawal of a charter amendment proposal related to Dril-Quip's proposed merger with Innovex. This decision came after extensive discussions with stockholders and feedback from investors.
As a result of this, Dril-Quip's stockholders will no longer be voting on the charter amendment proposal, eliminating the requirement for stockholder approval as a condition to the closing of the merger.
John V. Lovoi, Dril-Quip's Chairman of the Board, stated that the decision to withdraw the charter amendment proposal was in response to concerns expressed by some stockholders regarding certain governance provisions included in the proposal. This move reflects the company's responsiveness to shareholder input and commitment to strong corporate governance practices.
Despite the withdrawal of the charter amendment proposal, the proposed merger between Dril-Quip and Innovex remains on track, and both parties are committed to completing the merger. The Dril-Quip board unanimously recommends that stockholders vote "for" each of the remaining proposals to be considered at the special meeting scheduled for September 5, 2024.
Dril-Quip is a leading developer, manufacturer, and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, while Innovex designs, manufactures, and installs mission-critical drilling and deployment solutions to support upstream onshore and offshore activities worldwide. Today the company's shares have moved 0.8% to a price of $16.07. Check out the company's full 8-K submission here.
