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Lufkin Industries Inc wins shareholders approval to merge with GE.

M2 EQUITYBITES-June 28, 2013-Lufkin Industries Inc wins shareholders approval to merge with GE(C)2013 M2 COMMUNICATIONS

Oilfield pumping unit supplier Lufkin Industries Inc (NasdaqGS:LUFK) revealed on Thursday that its shareholders have approved the Agreement and Plan of Merger (the Merger Agreement), by and among Lufkin, General Electric Company (GE) and Red Acquisition Inc, a wholly owned subsidiary of GE.

Today, the Merger Agreement was approved by Lufkin Industries Inc's shareholders at a special meeting. The shareholders approved the non-binding, advisory proposal regarding merger-related compensation.

Following completion, Lufkin will become GE's wholly owned subsidiary and Lufkin shareholders, other than Lufkin shareholders who have properly exercised rights of dissent and appraisal, will be entitled to receive USD88.50 in cash, without interest and less any applicable withholding taxes, for each share of Lufkin common stock owned at the time of closing.

Subject to the satisfaction of certain customary closing conditions, the Merger Agreement is expected to be completed as soon as practicable.

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Publication:M2 EquityBites (EQB)
Date:Jun 28, 2013
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