Robbins & Myers, Inc. (RBN) announced Friday that it and National Oilwell Varco (NOV) have each received a supplemental information request for information and documents from the Canadian Competition Bureau in connection with the proposed merger transaction in which NOV would acquire all of the outstanding shares of Robbins & Myers for $60.00 per share in cash. The supplemental information request was issued under the Competition Act of Canada (the Act).
The effect of this request is to extend the waiting period imposed by the Act until 30 days after Robbins & Myers and NOV have each complied with the request (unless that period is extended voluntarily by the parties or terminated sooner by the Bureau). While Robbins & Myers intends to respond expeditiously to the request (and expects NOV to do the same), compliance with the request followed by the 30-day statutory waiting period will push the closing into 2013 unless the waiting period is terminated sooner by the Bureau.
Robbins & Myers also announced today that it and NOV are in discussions with the U.S. Department of Justice (DOJ) regarding a timing agreement to allow the DOJ additional time to complete its review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The terms of the timing agreement have not been finalized, but will extend the review period past Dec. 31, 2012.
As previously announced, Robbins & Myers has scheduled its special meeting of shareholders to consider approval of the merger for Dec. 27, 2012.
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