Total Energy Services drops plans to buy Strad Energy Services
Total Energy Services Inc (TSX: TOT) has decided it will not proceed with a previously-announced plan to buy Strad Energy Services Ltd (TSX: SDY), a Calgary-based well-site infrastructure solutions provider. The company said Strad implemented a shareholder rights plan, or "poison pill", that requires a takeover bid to remain open for 120 days in order to qualify as a "permitted bid". The plan's length poses undue risk, Total said. Canadian private equity firm Richardson Capital has invested in Strad in the past. It continues to hold an interest in the business.
24 September 2015•3 mins read
