LONDON (Thomson Financial) - Investors holding almost 20 percent of Expro
International Plc. have joined the fight to delay the 1.8-billion-pound takeover
of the oil services company by the Candover-led consortium Umbrellastream, The
Daily Telegraph has reported.
The newspaper said the shareholders -- thought to include Sandell Asset
Management, Trafalgar Asset Managers and Carlson Capital -- have pledged their
support for Mason Capital's demand that the Expro takeover be delayed for two
weeks for investors to properly consider a late bid from rival Halliburton Co.
Some of them have agreed to be named in court at the hearing scheduled for
today, the newspaper said, adding that Baillie Gifford and Fidelity are also
thought to be supportive of a delay.
A hearing to approve the sale of Expro to Umbrellastream was delayed for two
days on Monday after Halliburton and Mason Capital intervened.
Investors were angry that the last-minute approach from Halliburton was
rejected by the Expro board just ahead of a deadline for the deal with the
Candover consortium.
simon.meads@thomsonreuters.com
sjm/nes
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