Weatherford International plc (NASDAQ: WFRD) and NCS Multistage Holdings, Inc. (NASDAQ: NCSM) have set August 31 at 5:00 p.m. Eastern Time as the deadline for NCS Multistage stockholders to elect their form of merger consideration.
The transaction, which remains subject to customary closing conditions, is anticipated to close on or about September 1. Until then, both companies will continue operating as separate entities.
NCS Multistage shareholders may elect to receive either 0.554 Weatherford ordinary shares at closing or a combination of 0.239 Weatherford ordinary shares plus a cash amount equivalent to 0.137 Weatherford ordinary shares. The cash-stock option is subject to proration and certain limitations and adjustments. Shareholders who do not make a valid election by the deadline or opt for share consideration will receive the share-only option, which is not subject to proration or adjustments.
The merger has been approved by the boards of both companies and by NCS Multistage’s controlling stockholder, which owns more than 50% of the company’s outstanding common stock. If the deal does not close by the anticipated date, the election deadline may be extended, with any changes to be publicly announced.
Weatherford, based in Houston, operates as a global energy services provider, offering drilling, well completion, and production services across six continents. NCS Multistage specializes in engineered products and support services for oil and natural gas well construction and completion, serving exploration and production firms in North America and select international markets including the North Sea, the Middle East, and Argentina.
