Talks have broken down between Halliburton and Expro International after Expro failed to acknowledge Halliburton's buyout bid of 1,625 pence per Expro share. Expro opted to accept the buyout terms of Halliburton's rival in the deal, Umbrellastream. According to Halliburton, Umbrellastream offered a less attractive package and should therefore have been declined by Expro, while Expro reiterated that Halliburton's package was subject to a number of pre-conditions. The increased buyout deal was not necessarily superior to the Umbrellastream offer, as Halliburton's deal would have required a delay in payment to Expro shareholders.
According to an independent committee, the Halliburton deal was not enough to entice Expro shareholders. While Halliburton was to pay 10 pence more per share than Umbrellastream's 1,615 pence per share, Halliburton's payment would be delayed. Because of this delay, the independent committee advised shareholders that they were likely to receive a higher value with the Umbrellastream offer.
Halliburton has dropped its bid to purchase Expro, as Expro is now awaiting Court sanction for its buyout by Umbrellastream. However, Halliburton announced that it would consider making another offer should the Court deny the sanction, or if there were a delay of 14 or more days in sanctioning the Umbrellastream offer.
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