Expro gets 1.7 billion pounds approach
Reuters - 55 minutes ago
LONDON (Reuters) - Oil field services firm Expro International , which agreed to a takeover in April, said it had received a higher approach worth 1.7 billion pounds from U.S. rival Halliburton .
Expro said in a statement on Friday Halliburton's proposal was pitched at 1,525 pence per share and was subject to pre-conditions.
Oil and gas industry services providers such as Expro have benefited as energy companies boost capital spending to meet strong oil demand and replace old facilities.
On April 17, funds managed by private equity firm Candover and investment bank Goldman Sachs agreed to buy Expro for 1,435 pence per share, or 1.605 billion pounds.
On April 18, Halliburton said it was mulling a counterbid, and Expro shares closed at 1,541 pence on Thursday as investors awaited the U.S. company's move.
Expro said on Friday, "As required by the Takeover Code, Expro confirms that this announcement is not being made with the agreement and approval of Halliburton ... A further announcement will be made in due course.".
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