Offer for Shares: Varco International Inc. of...
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Offer for Shares: Varco International Inc. of Orange said Wednesday that it is making a tender offer for as many as 5.3 million shares of its 33.3 million outstanding shares of stock.
Investors wishing to respond to the company’s offer must do so between March 24 and April 21. The offer is for at least $6.75 but not more than $8 a share.
“It is one way of distributing excess cash to our shareholders,” said Richard Kertson, chief financial officer of Varco.
The company, based in Orange, makes oil drilling equipment.
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