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After Being Called Out, Wilks Brothers Admits to Newly-Weakened Offer
After Being Called Out, Wilks Brothers Admits to Newly-Weakened Offer Canada Ne...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"CalfracNoticeofChange\n \n \n \n After Being Called Out, Wilks Brothers Admits to Newly-Weakened Offer\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Oct. 9, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 9, 2020\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) has reviewed the Notice of Change and Variation in the Wilks Brothers Takeover Bid filed on\n \n October 8, 2020\n \n (the \"\n \n Notice of Change\n \n \") and the Wilks Brothers latest news release disinformation, and has the following observations.\n \n \n The Notice of Change validates what Calfrac has suspected all along – the Wilks Brothers Takeover Bid is its primary tool in seeking to derail Calfrac's Amended Recapitalization Transaction. Calfrac has consistently stated that the Takeover Bid is a mirage intended to mislead shareholders into voting against the Amended Recapitalization Transaction, because the terms of the Takeover Bid will not be met.\n \n \n The Notice of Change confirms that the Takeover Bid will not proceed if the original Recapitalization Transaction is completed in CCAA; which is exactly what will happen if the Amended Recapitalization Transaction under the CBCA is not approved by Shareholders at the meeting next Friday.  Calfrac has agreed with a majority of Unsecured Noteholders to implement the original Recapitalization Transaction in a CCAA, and this IS the most likely outcome if Shareholder approval is not obtained. The Takeover Bid is highly unlikely to proceed.\n \n \n Any Shareholder who has been misled by Wilks Brothers into tendering to the Takeover Bid can and should immediately withdraw their tender and VOTE FOR the Amended Recapitalization Transaction.  Please contact the Company or Kingsdale Advisors at the coordinates below for help in changing your votes.\n \n \n \n The Wolf is Forced Out of the Sheep's Clothing\n \n \n \n Wilks Brothers announced amendments to its Takeover Bid on\n \n October 5, 2020\n \n , but sought to conceal th...