Daniel Industries and Bettis Corp. announce merger.HOUSTON--(BUSINESS WIRE)--Sept. 17, 1996--Daniel Industries, Inc. (NYSE-DAN) and Bettis Corporation (Nasdaq/NM-BETT) jointly announced the signing of a definitive agreement providing for the merger of the two companies. Pursuant to the terms of the merger agreement, stockholders of Bettis will receive .58 shares of Daniel for each share of Bettis. The exchange ratio is fixed and will not be adjusted for changes in the market price of either company's common stock. Following the merger, Daniel Industries, Inc. will have approximately 17.1 million shares outstanding of which former Bettis stockholders will own approximately 29 percent. The transaction is subject to satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , approval by the stockholders of both companies and regulatory approvals. Closing of the transaction in anticipated to occur before Dec. 31, 1996. The companies expect that the transaction will be accounted for as a pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free . In connection with the proposed transaction, Bettis Corporation will amend its Rights Agreement to exclude this transaction. The board of directors of Daniel Industries, Inc. following the merger will consist of nine directors, seven of whom will be former Daniel directors. Ronald C. Lassiter, chairman of Daniel, will serve as chairman of the combined entity. W.A. Griffin III, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Daniel, will serve as president and CEO. W. Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. Bratton, president and CEO of Bettis, will be executive vice president of Daniel after the merger. "The combination of these two quality companies will provide substantial operational and financial benefits which will provide excellent opportunities for our stockholders, customers and employees," Griffin stated. He continued, "Bettis is the premier participant in the world markets for pneumatic pneumatic /pneu·mat·ic/ (noo-mat´ik) 1. pertaining to air. 2. respiratory. pneu·mat·ic adj. 1. Of or relating to air or other gases. 2. , hydraulic and electric actuators and for control systems used for the automation of valves in energy and industrial markets. Bettis products will be a strong complement to Daniel's existing product lines." Bratton added, "We believe the merger will offer substantial growth opportunities to Bettis through expanded marketing opportunities and increased financial flexibility." Daniel Industries, Inc. is a Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the based provider of flow measurement, control and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. products, services and integrated solutions primarily for natural gas and oil producers, transporters and refiners worldwide. Bettis Corporation, based in Waller, Texas Waller is a city in Texas, partly in Waller County and partly in Harris County. The population was 2,092 at the 2000 census. Geography Waller is located at (30.058752, -95.926336)GR1. , manufactures valve actuators and control systems used worldwide for the automation of valves in numerous energy and industrial markets. CONTACT: Bettis Corp. Nathan M. Avery, 713/966-2552 |
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