Total Energy Services announces bid for Strad Energy Services
Total Energy Services Inc (TSX: TOT) has announced its plans to acquire Strad Energy Services Ltd (TSX: SDY), a Calgary-based provider of well-site infrastructure solutions to the oil and gas industry. Total has offered to pay $2.90 per share in cash for the company, or $1.35 in cash plus 0.10 of a common share of Total. The $2.90 per share offer values Strad at about $108 million, Reuters reported. Total said it has announced the offer in advance to give the board of directors of Strad additional time to consider its terms. Strad is a portfolio investment of Canadian private equity firm Richardson Capital. Richardson sold a portion of its interest in the company last year.
22 September 2015•10 mins read
