Dril-Quip, Innovex Withdraw Charter Amendment Proposal as Merger Condition

Dril-Quip (DRQ) and Innovex Downhole Solutions said Monday that they have agreed to waive the requirement for approval of the amendment of Dril-Quip's restated certificate of incorporation as a condition of their proposed merger.

The companies also said they have agreed to withdraw the submission of the charter amendment proposal to Dril-Quip stockholders at a special meeting on Sept. 5.

Dril-Quip and Innovex said the proposed merger "remains on track" and that they are committed to completing the deal.