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 FEED2018-10-06 04:15:292018-10-06 04:15:29Precision Drilling Trumps Ensign Bid For Peer Trinidad
Precision Drilling Trumps Ensign Bid For Peer Trinidad
Canada’s Precision Drilling Corp. (NYSE: PDS) said Oct. 5 it would buy smaller rival Trinidad Drilling Ltd. in a deal valued at C$1.03 billion (US$796 million), trumping a hostile bid from Ensign Energy Services Inc.
Trinidad’s board in August rejected a C$1.68 per share all-cash bid from oilfield services provider Ensign. That compared to Precision’s all-stock offer for Trinidad of C$1.98 per share based on the bidder’s closing price on Oct. 4.
Trinidad, which ended a strategic review in August by making changes to its board but stopping short of a sale, said Oct. 5 that Precision’s offer is superior to Ensign’s and reiterated that shareholders reject the unsolicited offer.