NL Industries is studying Coniston’s takeover bid.

Coniston Partners, an investment partnership, has offered to buy the oil services and chemicals company for cash and securities valued at about $16 a share, or $997 million. NL said in a brief statement that while it studied the offer, it also will “continue its ongoing evaluation of alternatives available to it to best maximize values for all shareholders.” It did not elaborate on what those alternatives might be. Coniston already controls 8.5% of NL’s 62 million common shares outstanding.