Dril-Quip, Board 'Strongly Disagree' With Glass Lewis Report on Innovex Merger

MT Newswires Live

2024/08/28

Dril-Quip (DRQ) said Wednesday that the company and its board of directors "strongly disagree" with the report issued by Glass, Lewis & Co. on the proposed Innovex Downhole Solutions merger.

The company said the report contains "unsubstantiated and misguided conclusions" and disregards the rationale and financial advantages of the proposed deal. The company added that its advisors repeatedly offered to hold discussions with Glass Lewis but the latter declined.

Dril-Quip said its board unanimously recommends that shareholders vote to favor the merger at the Sept. 5 special meeting.

Glass Lewis did not immediately reply to MT Newswires' request for comment.

Price: 16.05, Change: -0.16, Percent Change: -1.02

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