Schlumberger Recommends Stockholders Reject “Mini-Tender” Offer by TRC Capital Corporation
June 20 2017 - 8:39AM
Business Wire
Schlumberger Limited (NYSE: SLB) (“Schlumberger”) has been
notified of an unsolicited “mini-tender” offer by TRC Capital
Corporation (“TRC Capital”) to purchase up to 2 million shares of
Schlumberger common stock, representing approximately 0.14 percent
of Schlumberger’s shares of common stock outstanding. TRC Capital’s
offer price of $65.63 per share is approximately 4.3 percent below
the closing price per share of Schlumberger’s common stock on June
16, 2017, the last trading day before the commencement of TRC
Capital’s offer.
Schlumberger does not endorse TRC Capital’s unsolicited
mini-tender offer and is not associated in any way with TRC
Capital, its mini-tender offer, or its mini-tender offer
documents.
Because TRC Capital’s offer price is at a price below the
current market price for Schlumberger’s common stock, Schlumberger
recommends that stockholders reject this unsolicited offer or, if
stockholders have already tendered shares, that they withdraw their
shares by providing the written notice described in the TRC Capital
mini-tender offer documents prior to the expiration of the offer,
currently scheduled for 12:01 a.m., New York City time, on
Wednesday, July 19, 2017.
TRC Capital’s mini-tender offer seeks less than 5 percent of
Schlumberger’s outstanding common stock, thereby avoiding many
disclosure requirements and procedural protections of the SEC. The
SEC has cautioned investors that some bidders make mini-tender
offers at below-market prices “hoping that they will catch
investors off guard if the investors do not compare the offer price
to the current market price.” The SEC’s cautionary advice to
investors regarding these offers is on its website at:
http://www.sec.gov/investor/pubs/minitend.htm.
Stockholders should obtain current market quotations for
their shares of Schlumberger common stock, consult with their
broker or financial advisor, and exercise caution with respect to
TRC Capital’s mini-tender offer.
Schlumberger encourages brokers and dealers, as well as other
market participants, to review the SEC’s letter regarding
broker-dealer mini-tender offer dissemination and disclosure at
http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Schlumberger requests that a copy of this press release be
included with all distributions of materials relating to TRC
Capital’s mini-tender offer related to shares of Schlumberger’s
common stock.
About Schlumberger
Schlumberger is the world’s leading provider of technology for
reservoir characterization, drilling, production, and processing to
the oil and gas industry. Working in more than 85 countries and
employing approximately 100,000 people who represent over 140
nationalities, Schlumberger supplies the industry’s most
comprehensive range of products and services, from exploration
through production, and integrated pore-to-pipeline solutions that
optimize hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has principal offices in Paris, Houston,
London and The Hague, and reported revenues of $27.81 billion in
2016. For more information, visit www.slb.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170620005887/en/
Schlumberger LimitedSimon Farrant – Schlumberger Limited, Vice
President of Investor RelationsJoy V. Domingo – Schlumberger
Limited, Manager of Investor RelationsTel: +1 (713)
375-3535investor-relations@slb.com
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