Strad today responded to an announcement by Total Energy Services that it intends to make an unsolicited takeover bid for the outstanding shares of the Company.
CALGARY, ALBERTA--(Marketwired - Sept. 22, 2015) -
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Strad Energy Services Ltd. ("Strad" or the "Company") (TSX:SDY) today responded to an announcement by Total Energy Services Inc. ("Total Energy") that it intends to make an unsolicited takeover bid for the outstanding shares of the Company.
Strad cautions that no formal offer has yet been presented to Strad or its shareholders and there can be no certainty that an offer will be made or that a transaction will take place. Strad's Board of Directors recommends that shareholders take no action until shareholders have received further communications from Strad's Board of Directors.
Strad takes issue with Total Energy's characterization of past events in its news release. Also, based on customary measures, such as Strad's 20-day volume weighted average trading price, Total Energy has significantly overstated the size of the premium it says it intends to offer.
Strad has appointed a Special Committee of the Board comprised of John Hagg, Chair, Henry van der Sloot, Robert Grandfield, and Jack Nodwell to review the terms of Total Energy's unsolicited takeover bid, if and when it is presented. The Special Committee will act in consultation with the Company's financial and legal advisors.
Raymond James Ltd. is acting as financial advisor to Strad and Burnet, Duckworth & Palmer LLP is acting as legal advisor to Strad.
About Strad Energy Services Ltd.
Strad is a North American energy services company that focuses on providing well-site infrastructure solutions to the oil and natural gas industry. Strad focuses on providing complete customer solutions in well-site-related oilfield equipment for producers active in unconventional resource plays.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.