(Adds details, background)
LONDON (Thomson Financial) - Umbrellastream Ltd, a consortium led by
European private equity firm Candover Partners, has raised its takeover bid for
UK energy services provider Expro International Group Plc to 1.806 billion
pounds, or 1,615 pence a share.
This is above the revised 1,550 pence offer it tabled in May following a
rival approach from U.S. oil services giant Halliburton Co. of 1,525 pence.
Umbrellastream, which also includes investment bank Goldman Sachs and AlpInvest
Parners, first offered 1,435 pence in April.
Expro said bid discussions with Halliburton continue, though it cautioned
that there is no certainty that these talks will lead to a firm offer from the
U.S. firm.
Expro's independent directors, who have been advised by JP Morgan Cazenove,
are still backing Umbrellastream's latest bid, which they find to be "fair and
reasonable," it said.
At 1:55 p.m., Expro shares were up nearly 3 percent at 1,660 pence.
monicca.egoy@thomsonreuters.com
mbe/cmr
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|