Ranger Energy Services Gets Take-Private Offer

Ranger Energy Services Gets Take-Private Offer
The offer proposes acquiring all outstanding shares of Ranger in a cash merger transaction for $6 per share.

Ranger Energy Services Inc., an independent provider of well service rigs and associated services, has received an offer from CSL Capital Management LP and Bayou Well Holdings Co. LLC proposing to acquire all the outstanding shares of Ranger in a cash merger transaction for $6.00 per share. The offer is subject to obtaining debt and equity financing and various approvals.  

At mid-day on March 16, RNGR shares were trading at $4.96 on the New York Stock Exchange.

CSL, Bayou and certain affiliates propose to own 3,189,676 shares of Class A Common Stock and 6,866,154 shares of Class B Common Stock, representing 64.9% of Ranger shares. CSL and Bayou also propose that the T. Rowe Price Investors own an additional 1,363,569 shares of Class A Common Stock, representing 8.8% of Ranger shares.

The board will form a special committee to consider the offer. The committee will then retain independent advisors, including independent financial and legal advisors, to assist in this process. Ranger emphasized that the offer constitutes only a preliminary proposal that does not constitute a binding commitment and that no decision has been made regarding a response to the offer.

Ranger focuses on unconventional horizontal well completion and production operations. It also provides completion and services necessary to bring and maintain a well on production. Its processing solutions segment engages in the rental, installation, commissioning, start‑up, operation and maintenance of MRUs, natural gas liquid stabilizer and storage units and related equipment.

To contact the author, email bertie.taylor@rigzone.com.


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