Aug 14 (Reuters) - Gamco Asset Management, one of the

largest shareholders of Dril-Quip ( DRQ ), said on Wednesday it

would vote against the proposed merger of the oilfield services

firm with peer Innovex Downhole Solutions.

The affiliate of Gamco Investors, which owns about 8.3% of

Dril-Quip's ( DRQ ) outstanding shares, said the company was worth more

as a standalone entity.

The deal, announced in March, would see Dril-Quip ( DRQ )

stockholders own about 52% of the combined company and the rest

going to Innovex stockholders.

Gamco said the company was planning to issue new shares near

its all-time low valuations to fund the merger, but its

intrinsic value was worth more than its current stock price.

Dril-Quip's ( DRQ ) shares have fallen about 37.7% since the closing

on March 18, when the deal was announced.

Gamco also said the deal would increase the combined

company's exposure to the U.S. land, where activity has declined

over the past year as oil and gas companies reined in on

spending.

Dril-Quip ( DRQ ) did not immediately respond to a Reuters request

for comment.

The shareholder vote on the deal is scheduled to take place

on Sept. 5.