NOV Ups Stake in NQL Energy Services
NQL Energy Services Inc. and National Oilwell Varco, Inc. said that an additional 748,273 Class "A" common shares of NQL have been validly tendered to the previously announced offer by NOV's indirect wholly-owned subsidiary, Dreco Acquisition Corporation, to purchase all of the outstanding Shares for $7.60 per Share.
Dreco has instructed CIBC Mellon Trust Company, the depositary under the Offer, to take up and pay for all such validly deposited Shares. Following such take up and payment, Dreco will own an aggregate of 38,909,705 Shares representing approximately 87% of the issued and outstanding Shares.
The original Offer, as extended by notice of extension dated December 6, 2006, expired at 6:00 p.m. (Calgary time) on December 19, 2006. Dreco has further extended the Offer until 6:00 p.m. (Calgary time) on January 8, 2007 to allow NQL shareholders an additional opportunity to tender their Shares to the Offer. A notice of extension will be mailed to NQL shareholders in the coming days.
NQL is an industry leader in providing downhole tools, technology and services used primarily in drilling applications in the oil and gas and utility industries on a worldwide basis.
NOV is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
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Company: NQL Energy Services Inc more info
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