Expro Opts for Umbrellastream Buyout over Halliburton Offer
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.
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Company: Expro International Group more info
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