Stock: GRP

[Argo]

Can anyone explain to me what the hell happened with GRP today? Looks like it was acquired by NOV, however there's no information on at what terms. Furthermore, the GRP stock in my portfolio got exchanged for NOV stock at 65% value.

This seems extremely odd - why would a successful company (with no negative news whatsoever) get taken over at fraction of the value?

 

[Argo]

On related note - ouch at NFLX

 

[njmodi]

NFLX

 

[imported_Lothar]

Originally posted by: Argo
Can anyone explain to me what the hell happened with GRP today? Looks like it was acquired by NOV, however there's no information on at what terms. Furthermore, the GRP stock in my portfolio got exchanged for NOV stock at 65% value.

This seems extremely odd - why would a successful company (with no negative news whatsoever) get taken over at fraction of the value?

It's being acquired by National Oilwell Varco.
NOV is buying the stock at a 21% premium.

GRP was trading around $48 when NOV made the $58/share offer.
Good deal. You can bet I'm licking my chaps.

Here are the terms:
$23.20 in cash and 0.4498 shares of National Oilwell Varco per share of Grant Prideco.

 

[Argo]

Thanks Lothar - this makes lots of sense now. Looks like I got the NOV shares deposited, but not the cash yet. Which freaked me out at first.