LONDON (Thomson Financial) - UK energy services provider Expro International
Group Plc. said it has rejected Halliburton Co.'s increased offer of 1,625 pence
per share, as it was not in the best interests of Expro shareholders.
Expro said although the new offer made on June 20 was higher than
Candover-led Umbrellastream Ltd's 1,615 pence a share offer it did not take into
account the delay in payment to shareholders and execution risks associated with
it.
Accordingly, Expro's Independent Committee determined that the offer would
have resulted in Expro shareholders ultimately receiving from Halliburton a
lower value than the 1,615 pence payable to them under the Umbrellastream offer.
Separately, Halliburton confirmed it has terminated talks with Expro,
stating it was disappointed Expro did not provide the required co-operation to
enable Halliburton to make the increased offer.
Halliburton added that although it no longer intends to make an offer for
Expro, it reserves the right to make an offer should the court decline to
sanction, or delay the sanctioning of the Candover scheme by 14 days or more.
The court is due to rule on the scheme today.
TFN.newsdesk@thomson.com
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