Tenaris S.A. and Maverick Tube Corporation jointly announced that they have entered into a definitive merger agreement pursuant to which Tenaris will acquire Maverick for US$65 per share in cash.
The transaction is valued at US$3,185 million, including Maverick’s net debt. The share price represents a premium of approximately 42% to Maverick’s closing share price of June 12, 2006, and a premium of approximately 24% to its 90-day average trading price. Tenaris will finance the acquisition through a combination of cash on hand and debt, for which bank commitments have already been secured.
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