Cameron responds to shareholders, terminates rights agreement early

By Lisa Kerner

Charlotte, N.C., Aug. 19 - Cameron International Corp.'s board of directors amended the company's stockholders' rights agreement, accelerating the expiration of the rights to Aug. 31 from Oct. 31, 2017 and effectively terminating the plan.

"Many of our institutional stockholders chose to withhold votes from certain directors based on our continued maintenance of a rights plan," Cameron president and chief executive officer Jack B. Moore said in a news release of the company's last two director elections.

"Given our stockholders' position on this matter, our board decided to terminate the plan," he said.

As previously reported, Cameron, a Houston-based supplier of flow-equipment products and services to the oil and gas industry, is expected to acquire Natco Group Inc. in the third quarter of 2009.

In June, Cameron announced it would buy Natco in an all-stock transaction that valued Natco at approximately $780 million.

Natco is a Houston-based provider of wellhead process equipment, systems and services used in the production of oil and gas.

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