Smith International Inc. Monday announced the extension...
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Smith International Inc. Monday announced the extension to Jan. 18 of its cash tender offer for 3.7 million shares of Gearhart Industries Inc.
Smith still is planning to reduce its offer from $31 to $23 per share if and when Gearhart or the federal court voids Fort Worth-based Gearhart’s July purchase of Geosource Inc. from Aetna Life & Casualty Co.
Newport Beach-based Smith also said it continues to conduct preliminary negotiations with Gearhart to end the nine-month-old takeover battle. As of Jan. 4, about 6.3 million Gearhart shares had been tendered and not withdrawn.
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