Smith International Inc. Tuesday extended to March...

Smith International Inc. Tuesday extended to March 15 its 10-month-old tender offer for 3.7 million shares of Gearhart Industries Inc. stock. Officials at the Newport Beach oil services company said Smith continues to negotiate a settlement with Gearhart, a Fort Worth high-technology oil services company. Meanwhile, a federal judge in Fort Worth who has been hearing the lawsuits filed by both companies against each other said he has postponed further hearings until negotiations are complete.

Smith previously announced it intends to reduce the per share price from $31 to $23 and pursue the offer only if Gearhart or the court voids Gearhart’s July purchase of Geosource Inc. from Aetna Life & Casualty Co. Gearhart purchased the company in a $318 million cash-and-stock deal as part of a strategy to make itself less vulnerable to Smith’s unfriendly takeover attempt. As of Feb. 15, about 6.1 million Gearhart shares had been tendered and not withdrawn.