LONDON (Thomson Financial) - Expro International Group Plc, the oil services
provider, said the court will hand down its verdict on the 1.81 billion pound
bid by the Umbrellastream consortium at 4 p.m. today.
The court rejected an application made by fund managers Mason Capital and
Sandell Asset Management for an adjournment of today's first court hearing, it
said.
Mason and Sandell requested for the delay to allow Expro shareholders to
consider a late bid from US energy services giant Halliburton Co.
Halliburton late last week made an improved 1,625 pence a share approach,
subject to certain conditions, including requiring Expro to enter into a scheme
of arrangement with Halliburton. Expro rejected Halliburton's offer, saying it
would not be in shareholders' interest to accept an offer that will involve a
delay in payment and certain "execution risks". Halliburton decided to end
discussions with Expro.
Expro is backing a 1,615 pence a share bid from Umbrellastream, a consortium
made up of European private equity firm Candover, investment bank Goldman Sachs,
and AlpInvest Partners.
monicca.egoy@thomsonreuters.com
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