Smith International Inc. Monday extended the expiration...
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Smith International Inc. Monday extended the expiration date for its tender offer for 3.7 million shares of Gearhart Industries Inc. stock to Feb. 15. The Newport Beach oil services company said it is still negotiating with Gearhart, of Fort Worth, Texas, to end the 10-month-long takeover battle. Meanwhile, a federal judge in Fort Worth said he has postponed indefinitely hearings on various motions filed by both companies while the negotiations continue.
Smith officials said the company still plans to reduce its $31 per share offer to $23. And, Smith continues to demand that Gearhart void its July purchase of Geosource Inc. Gearhart purchased Geosource, a seismic services company, from Aetna Life & Casualty Co. in a $318 million cash-and-stock deal.
As of Jan. 18, 6.2 million Gearhart shares have been tendered and not withdrawn.
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