http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-08-14 03:39:502018-08-14 03:39:50Ensign Launches C$947 Million Takeover Bid For Trinidad Drilling
Ensign Launches C$947 Million Takeover Bid For Trinidad Drilling
Ensign Energy Services Inc. said Aug. 13 it plans to buy Trinidad Drilling Ltd. in a deal valued at C$947 million (US$720.26 million) including debt.
Ensign’s planned takeover offer includes the acquisition of all issued and outstanding Trinidad shares for $1.68 in cash per share plus the assumption of $477 million in outstanding net debt. The offer represents a premium of 11.3% to the company’s close on Aug. 10.
Analysts with Tudor, Picking, Holt & Co. (TPH) said the proposed deal would create one of the largest North American land drillers with critical mass in many key international markets.