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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Shareholders Approve Varco-Tuboscope Deal

May 31, 2000|Dow Jones

Shareholders of Varco International Inc. of Orange and Tuboscope Inc. of Houston have approved the merger of the two oil field equipment companies in a stock swap.

The combined firm, which will be called Varco International Inc., plans to maintain dual headquarters in Houston and Orange, the companies said Tuesday. The stock will trade on the New York Stock Exchange under the symbol VRC.

Shares of the combined company will be owned equally by the current stockholders of each company. In the merger, each share of Varco common stock has been converted into 0.7125 shares of Tuboscope common stock.

Based on each company's closing price on Tuesday, the combined company will have a market capitalization of about $2 billion. Varco's shares closed at $15.75, up 50 cents. Tuboscope's stock moved up 87 cents a share to $22.19.

George Boyadjieff, Varco's chairman and chief executive, holds those titles with the combined company.

Varco makes drilling equipment and rig instrumentation. Tuboscope maintains and inspects oil and natural-gas tubes and pipelines.

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