FAIRFIELD (dpa-AFX) - Oil and gas equipment firm Lufkin Industries, Inc. (LUFK) said Thursday that its shareholders have approved the proposed acquisition of the company by General Electric Co. (GE).
Shareholders also approved the non-binding, advisory proposal regarding merger-related compensation.
In April, General Electric agreed to buy Lufkin Industries for about $3.3 billion.
Upon the closing of the deal, Lufkin will become a wholly owned subsidiary of GE and Lufkin shareholders 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 closing.
The deal is expected to be completed as soon as practicable, subject to the satisfaction of certain customary closing conditions.
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