KBTX | Bryan & College Station, TX | Aggieland News

Expro Delays Shareholder Meeting After $3.43 Billion Bid

By: Associated Press Email
By: Associated Press Email

LONDON (AP) - European oil field contractor Expro postponed a
shareholder meeting to approve a takeover bid from a private equity
consortium.
That's after the equity group raised its offer to 3.43 billion
dollars to block a rival approach from Houston-based Halliburton
Company.
Expro International Group PLC said today it's delaying the
meeting originally scheduled for June 2nd to June 9th to give
shareholders "sufficient opportunity to consider the revised
offer."
Expro found itself at the center of a bidding contest on Friday
when Halliburton tried to sour a deal with Umbrellastream Limited,
which last month made a $28.36-per-share per share offer.
Halliburton topped that offer Friday with an all-cash bid of
$30.14 per share, or 3.36 billion dollars. Umbrellastream quickly
countered with its own sweetened offer of $30.63 per share.
Expro recommended that shareholders accept the revised
Umbrellastream proposal.


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