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Article: Varco International Inc. Declares Dividend Distribution of Preferred Share Purchase Rights.
- Article from:
- Business Wire
- Article date:
- November 22, 2000
CopyrightCOPYRIGHT 2000 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business/Energy Editors
HOUSTON & ORANGE, Calif.--(BUSINESS WIRE)--Nov. 22 2000
The board of directors of Varco International Inc. (NYSE:VRC) has declared a dividend distribution of one Preferred Share Purchase Right on each outstanding share of Varco International common stock. Subject to limited exceptions, the Rights will be exercisable if a person or group acquires 15% or more of the company's common stock or announces a tender offer for 15% or more of the common stock. Under certain circumstances, each Right will entitle stockholders to buy one one-hundredth of a share of newly created Series A Junior Participating Preferred Stock of the company at ...