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INDUSTRY NOTES

April 14, 1985

Smith International Inc. has extended its tender offer for 3.7 million Gearhart Industries Inc. shares until May 3 while awaiting consummation of a previously announced settlement agreement. Late last month, Smith, a Newport Beach oil services company, agreed to end its year-long, unfriendly takeover bid for Gearhart, a Fort Worth high technology oil services company.

Smith spent about $163 million buying the Gearhart stock. The company agreed to accept about $80 million for its shares after they are sold through a public stock offering packaged by Gearhart's investment bankers, Drexel Burnham Lambert Inc. of New York.

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