Weatherford International plc (WFRD) — Reincorporation detail

Announcement

2026-04-02

First SEC disclosure

Meeting / Vote

2026-06-11

REJECTED

Effective

—

Legal effective date

Market Cap

$7.3B

At announcement

Why this firm matters

Weatherford International plc is one of only 3 firms in the cohort whose shareholders rejected the reincorporation proposal — analytically rare and the cleanest single-case identification of shareholder objection in the panel.

Controller & ownership

Diffuse / non-controlledDiffuse Institutional

Vanguard Group (largest institutional, diffuse) holds approximately 10.4% of voting power. No single holder reaches the controlled-company threshold (>50% of voting power).

Source: WFRD DEF 14A 2025-04-23 — Vanguard 10.4%, BlackRock 10.0%, Capital Research Global Investors 8.2%, T. Rowe Price Associates 7.8%, T. Rowe Price Investment Management 5.7% (top 5 = 41.7%); 72,556,148 ordinary shares outstanding as of April 10, 2025; no controlling shareholder. NOTE: WFRD seeking Ireland→Texas parent migration via DEF 14A

Vote outcome — reincorporation proposal

Approval standard: Irish Scheme of Arrangement (Companies Act 2014, Part 9, Ch. 1): 75% in value PLUS majority in number at the Court Meeting + Irish High Court sanction; capital reduction under §§ 84–86. Meeting type: court-convened meeting + AGM.

For

40,010,359

Against

24,472,459

Abstain

99,234

62.05% approval (For ÷ (For + Against) of votes cast; the separate 75%-in-value Irish-scheme threshold at the Court Meeting was not met)

Event-study abnormal returns — announcement window

Returns around the announcement date.

Event date: 2026-04-02 · Estimation window: trailing 240 days; 240 valid after NaN drop

Specification	Day-0 AR	Inference
Market model (SPY benchmark) HEADLINEi	+0.83%	Patell-z p-value = 0.750

Event-study abnormal returns — vote window

Returns around the shareholder-vote (or written-consent) date.

No vote-window CARs available for this firm yet.

Long-run abnormal returns & pooled estimates

Buy-and-hold abnormal returns (1 / 3 / 6 / 12 months) and calendar-time portfolio alpha (CTE) post-effective.

No long-run / pooled estimates available for this firm yet — run phase5z_compute_longrun.py on Windows to populate (requires effective date ≥ 3 months ago).

Cohort-level robustness battery

Heckman selection-corrected ATE · Romano-Wolf step-down + BH FDR · pooled BHAR. This firm's reading is shown in context of the full cohort.

Heckman two-step selection correction (controlled-vs-widely-held)

Cohort ATE = +0.94% (SE = 7.06%, n = 2395) after correcting for controller-status selection (inverse Mills ratio = -0.062).

Romano-Wolf step-down + Benjamini-Hochberg FDR (n = 47)

This firm: raw p = 0.750, Romano-Wolf adjusted p = 1.000, BH-FDR adjusted p = 0.966. Multiple-hypothesis correction is computed across the full cohort to control family-wise error rate at alpha = 0.05.

Pooled cohort BHAR (mover firms only)

BHAR_63d: mean = -5.60% (SE = 22.11%, n = 3, p = 0.499) · BHAR_126d: mean = +17.33% (SE = 41.17%, n = 3, p = 0.774)

See Cohort event study → for the full battery and forest plots.

Texas Statutory Adoptions

Status: N/A pending reincorporation.

The Texas opt-in statutory regimes (TBOC §21.552 / SB 29 derivative threshold; TBOC §21.373 / SB 1057 shareholder-proposal threshold) are available only to firms that are nationally listed Texas corporations. Weatherford International plc is not yet Texas-incorporated; the move is pending shareholder vote with a proposed effective date of TBD. These adoptions can be elected only on or after the firm's TX effective date.

Source filings

Primary-source documents on SEC EDGAR plus IR / search links.

IR — https://www.weatherford.com/en/investor-relations/
EDGAR — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001603923&type=&dateb=&owner=include&count=40
Proxy — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001603923&type=DEF+14A&dateb=&owner=include&count=40
8-K Item 5.07 (vote) · 0001193125-26-166847 — filing →

Classification & audit trail

Bucket

Panel eligibility

PANEL_A_post_SB29

Audit status

PENDING_TRANSACTION

Source confidence

COMPANY_RELEASE

Transaction status

PENDING

Audit notes

[2026-06-11] WFRD Ireland->TX redomestication FAILED. Court Meeting scheme: majority-in-number met, 75%-in-value Irish threshold missed (62.05% of cast / 55.62% of outstanding; shortfall ~8.35M sh). Passes every US cohort standard (Exxon cast-majority; Dell/Archer outstanding-majority 55.62%); fails only the Irish 75% supermajority = vote-standard natural experiment. THIRD failure class (TCBI cast-majority; BURU DGCL266 outstanding; WFRD Irish-scheme 75%). Mechanism = 3rd class (Irish scheme + ss84-86, not s266/TBOC ch.10). Company to re-propose Ireland->DE. Verified vs Form 8-K acc 0001603923-26-000069.