Varco OKs Stock Split, Strategy to Fight Takeover Bids
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ORANGE — Varco International Inc. said it approved a 2-for-1 stock split and adopted a shareholder rights plan to defend against unwanted takeover efforts.
The maker of oil- and gas-well drilling products said its stock split is payable Dec. 4 to shareholders of record Nov. 20.
Under the shareholder rights plan, shareholders will receive one right to purchase preferred stock for each share of common stock.
The rights can be exercised if a person or group acquires 15% or more of Varco common stock without approval of Varco’s board.
Varco stock fell $1.81 a share to $64.69.
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