National-Oilwell To Acquire Ameron For $772M

National-Oilwell Varco Inc NOV announced its plans to pay $85 per share in cash to acquire Ameron International Corp AMN in a deal valued at $772 million. The purchase price values AMN at 28% premium over its closing price of $66.27 per share on Friday. James S. Marlen, Chairman, President and Chief Executive Officer of Ameron International Corporation, commented, “Ameron's Board of Directors believes that the proposed transaction with NOV represents an outstanding value for Ameron's stockholders. The Ameron businesses, while confronting a challenging business environment at this time, hold strong positions, and we have structured the businesses to capitalize on growth opportunities as markets recover. NOV has the resources to fully capitalize on the established business strategies and fully realize the potential of each of the Ameron businesses.” Shares of Ameron jumped 27.16% to $84.27 in pre-market trading, while NOV shares fell 0.79% to $77.69 in pre-market trading. Read more from Benzinga's Company news.