Maverick Tube (NYSE:MVK)
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Maverick Tube Corporation (NYSE:MVK) announced today
that the Colombian Superintendence of Industry and Commerce has
completed its review of the proposed merger with Tenaris S.A. and has
cleared the proposed merger without conditions. The Colombian
condition precedent in the merger agreement with Tenaris is now
satisfied.
The proposed merger has now been cleared by competition
authorities in all jurisdictions in which such clearance is a
condition precedent to the transaction. Maverick's special meeting of
stockholders to vote on the proposed merger is scheduled for October
2, 2006.
Maverick Tube Corporation is a St. Louis, Missouri based
manufacturer of tubular products in the energy industry for
exploration, production, and transmission, as well as industrial
tubing products (steel electrical conduit, standard pipe, pipe piling,
and mechanical tubing) used in various applications.
Forward-Looking Statements
This news release contains forward-looking information that is
based on assumptions that are subject to numerous business risks, many
of which are beyond the control of Maverick. Furthermore, statements
about the expected timing, completion and effects of the proposed
merger and all other statements in this filing other than historical
facts, constitute forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Readers are cautioned not to place undue reliance on these
forward-looking statements and any such forward-looking statements are
qualified in their entirety by reference to the following cautionary
statements.
All forward-looking statements speak only as of the date hereof
and are based on current expectations and involve a number of
assumptions, risks and uncertainties that could cause the actual
results to differ materially from such forward-looking statements.
Maverick may not be able to complete the proposed merger because of a
number of factors, including the failure of Maverick's stockholders to
approve the merger, the failure to obtain regulatory approvals or the
failure to satisfy other closing conditions. Factors that may affect
the business or financial results of Maverick include those described
under "Risk Factors" and elsewhere in Maverick's Form 10-K for its
year ended December 31, 2005, as amended. Maverick assumes no
obligation to update any forecast or forward-looking statements
included in this document, except as required by law.
Additional Information and Where to Find It
In connection with the solicitation of proxies by Maverick with
respect to the meeting of its stockholders on October 2, 2006 with
respect to the proposed merger, Maverick filed a definitive proxy
statement with the Securities and Exchange Commission (the "SEC") on
September 1, 2006 and has furnished the definitive proxy statement to
its stockholders. Maverick has also filed other relevant documents
with the SEC in connection with the proposed transaction. BEFORE
MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED MERGER,
STOCKHOLDERS OF MAVERICK ARE ADVISED TO READ THE DEFINITIVE PROXY
STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. Stockholders can
obtain a free-of-charge copy of the definitive proxy statement and
other relevant documents filed with the SEC from the SEC's web site at
http://www.sec.gov. Stockholders can also obtain a free-of-charge copy
of the definitive proxy statement and other relevant documents by
directing a request by mail or telephone to Maverick Tube Corporation,
16401 Swingley Ridge Road, Suite 700, Chesterfield, Missouri 63107,
Attention: Joyce M. Schuldt, Telephone: 636-733-1600, or from
Maverick's website, www.mavericktube.com.
Participants in the Solicitation
Maverick and certain of its directors and executive officers may,
under the rules of the SEC, be deemed to be "participants" in the
solicitation of proxies from its stockholders in connection with the
proposed merger. Information concerning the interests of the persons
who may be considered "participants" in the solicitation is set forth
in Maverick's proxy statement relating to the proposed merger
described above.