LONDON (Thomson Financial) - UK energy services provider Expro International
Group Plc. confirmed that the first court hearing to sanction Umbrellastream
Ltd's offer was adjourned until June 25 to allow Halliburton Company to submit a
witness statement in response to Expro's witness statement.
The company also said it currently expects that the second court hearing
will take place on June 27.
Assuming the scheme becomes effective on June 30, cheques are expected to be
dispatched to scheme shareholders and settlement through CREST is expected to
occur on or prior to July 14, the company said.
Earlier today Expro rejected Halliburton's increased offer of 1,625 pence
per share, as it was not in the best interests of Expro shareholders as even
though 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.
TFN.newsdesk@thomson.com
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