The closing of the transaction, announced in March, is expected to occur on August 1. (Source: Shutterstock/ Drilling Tools International/ Superior Drilling Products)
Oilfield service company Drilling Tools International has agreed to acquire Superior Drilling Products Inc. in a cash and stock deal valued at $32.2 million, according to a March 7 press release.
Drilling Tools International’s (DTI) $32.2 million cash-and-stock acquisition has won the approval of Superior Drilling Products (SPD) shareholders, SPD said in a July 30 press release.
At a special meeting on July 29, more than 99% of the shares voted in favor of the merger agreement. SDP will file the final vote results, as certified by the independent Inspector of Election, in a Form 8-K with the U.S. Securities and Exchange Commission.
Troy Meier, SDP’s chairman and CEO, said the shareholders’ confidence reflects “a shared recognition of the tremendous opportunities ahead as a combined company. We are committed to ensuring a seamless transition and are excited to embark on this new chapter.”
The closing of the transaction, announced in March, is expected to occur on August 1. Upon completion of the transaction, SDP’s common stock will no longer be listed on any public market.
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