LUFKIN, Texas, June 27, 2013 /PRNewswire/ -- Lufkin Industries,
Inc. ("Lufkin") (Nasdaq: LUFK),
today announced that, at a special meeting held today, Lufkin shareholders approved the Agreement and
Plan of Merger (the "Merger Agreement"), dated as of April 5, 2013, by and among Lufkin, General Electric Company ("GE") and
Red Acquisition, Inc., a wholly owned subsidiary of GE.
Shareholders also approved the non-binding, advisory proposal
regarding merger-related compensation.
Upon the closing of the transaction, Lufkin will become a wholly owned subsidiary
of GE and Lufkin shareholders
(other than Lufkin shareholders
who have properly exercised rights of dissent and appraisal) will
be entitled to receive $88.50 in
cash, without interest and less any applicable withholding taxes,
for each share of Lufkin common
stock owned at the time of the transaction's closing.
The merger is expected to be completed as soon as practicable,
subject to the satisfaction of certain customary closing
conditions.
Lufkin Industries, Inc. sells and services oilfield pumping
units, well automation systems, gas lift and plunger lift systems,
progressing cavity pumps, well completion products, foundry
castings and power transmission products throughout the world.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements,
including, in particular, statements about the expected timetable
for completing the proposed transaction. Any statements that are
not statements of historical fact (including statements containing
the words "believes," "plans," "anticipates," "expects,"
"estimates" and similar expressions) should be considered to be
forward-looking statements. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including: the
satisfaction of the conditions to the consummation of the proposed
transaction; and the other factors and financial, operational and
legal risks or uncertainties described in Lufkin's Annual Report on Form 10-K for the
year ended December 31, 2012 and
Lufkin's Quarterly Report on Form
10-Q for the three months ended March 31,
2013. Lufkin disclaims any
intention or obligation to update any forward-looking statements as
a result of developments occurring after the date of this document
except as required by law.
LUFK-IR
Contact:
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Christopher L.
Boone
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Chief Financial
Officer
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936-631-2749
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Dennard-Lascar
Associates
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Jack Lascar /
713-529-6600
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Anne Pearson /
210-408-6321
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SOURCE Lufkin Industries, Inc.