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GAMCO Asset Management Inc. ("GAMCO"), an affiliate of GAMCO Investors, Inc. (OTCQX:GAMI), on behalf of its clients and certain of its affiliates owns approximately 2,866,654 shares of Dril-Quip, Inc. (NYSE:DRQ), representing 8.32% of the 34,452,230 outstanding shares as reported in Dril-Quip's most recently filed Form 10-Q for the quarter ended June 30, 2024. GAMCO's Proxy Voting Committee ("PVC") intends to vote "Against" the proposed merger with Innovex Downhole Solutions ("Innovex").
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240814966689/en/
On March 18, 2024, Dril-Quip announced its intention to acquire and merge with Innovex. At the time of the announcement, Dril-Quip's stock price was $23.73. Since Dril-Quip's announcement that it will acquire Innovex and through August 13, 2024, Dril-Quip's stock price has declined 37.5%, while the VanEck Oil Services ETF (OIH) has declined only 8.3%.
