Candover Ups Offer for Expro to GBP 1.8B
The Board of Umbrellastream and the Independent Directors of Expro are pleased to announce an increase in the cash offer price of Umbrellastream Limited's recommended acquisition of Expro to 1,615 pence per Expro Share. Umbrellastream Limited is a company formed and ultimately owned by a consortium comprising funds managed or advised by Candover Partners Limited, together with Goldman Sachs Capital Partners and AlpInvest Partners N.V.
The terms of the Revised Offer value the entire issued and to be issued share capital of Expro at approximately GBP 1.806 billion and represent a premium of 74.3% to the Closing Price of 926.5 pence per Expro Share on February 28, 2008 (being the last Business Day before Expro announced it had received a proposal which may or may not lead to an offer for Expro).
Save in respect of the increased price to be paid by Umbrellastream, in all other respects the original offer for the acquisition of Expro by Umbrellastream remains as set out in the Scheme Document and the Supplementary Scheme Document posted to Expro Shareholders on May 27, 2008.
The Independent Directors of Expro, who have been so advised by JPMorgan Cazenove, consider the Revised Offer to be fair and reasonable. In providing its advice, JPMorgan Cazenove has taken into account the commercial assessments of the Independent Directors of Expro. Accordingly, the Independent Directors of Expro unanimously recommend the Revised Offer on the same terms as their existing recommendation.
Umbrellastream currently owns 8,597,654 Expro Shares, representing approximately 7.78% of the issued share capital of Expro.
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