Key Summary: On August 7, 2024, GAMCO sent a letter to the Chairman, stating it will vote “Against” the merger with Innovex Downhole Solutions, Inc. at the September 5, 2024 Special Meeting of Stockholders.Market Cap: $545 million | Dril-Quip, Inc., together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide.
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On August 7, 2024, GAMCO (8.32%) sent a letter to the Chairman of the Board reiterating that it intends to vote “Against” the company’s merger with Innovex Downhole Solutions, Inc. at the company’s September 5, 2024 Special Meeting of Stockholders. GAMCO believes Dril-Quip is more valuable as a standalone company, with a potential 2025 PMV of $39 per share, versus $36 for the merged entity.
On August 14, 2024, GAMCO issued a press release reiterating that it intends to vote “Against” the company’s merger with Innovex Downhole Solutions, Inc. at the September 5, 2024 Special Meeting of Stockholders. Source
On August 20, 2024, issued a press release addressing the company's misleading claim that ISS supports its proposed merger with Innovex Downhole Solutions. The release clarified that ISS actually recommended against Dril-Quip's proposal to amend its certificate of incorporation, which is crucial for the merger's approval. GAMCO criticized Dril-Quip's management for attempting the merger without securing a control premium for shareholders, resulting in a significant decline in Dril-Quip's stock value. The document also highlights the excessive compensation that Dril-Quip's executives stand to receive as part of the merger process, emphasizing the detrimental impact on shareholder value.
On August 23, 2024, Glass Lewis recommended that shareholders vote "Against" all proposals at the company's special meeting of shareholders. Source
On August 26, 2024, GAMCO issued a press release reiterating that it intends to vote “Against” the company’s merger with Innovex Downhole Solutions, Inc. at the September 5, 2024 Special Meeting of Stockholders. Source
On September 4, 2024, GAMCO published a post on X regarding the company’s pending merger with Innovex Downhole Solutions.
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