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Changes to Calfrac Management Transaction Fall Woefully Short of Shareholder Recoveries Under Wilks Premium Offer
Changes to Calfrac Management Transaction Fall Woefully Short of Shareholder Recoveries U...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"WilksBrothers-Calfrac\n \n \n \n Changes to Calfrac Management Transaction Fall Woefully Short of Shareholder Recoveries Under Wilks Premium 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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CISCO, Texas, Sept. 25, 2020\n \n \n \n \n \n \n Amended Management Transaction actually offers shareholders cash consideration of no more than\n \n $0.119\n \n per share\n \n vs\n \n \n $0.18\n \n per share under the Wilks Premium Offer\n \n \n \n \n Amended Management Transaction provides shareholders with cash consideration that represents at best a 20%\n \n discount\n \n to the current market price of Calfrac shares and a\n \n \n 34%\n \n \n \n discount\n \n to the cash consideration available under the Wilks Premium Offer\n \n \n \n \n Amended Management Transaction is not capable of being implemented under its amended terms without the consent of the second lien lenders, which consent will not be provided\n \n \n \n \n Wilks' Premium Offer does not require the consent of Calfrac or any of its creditors\n \n \n \n \n Calfrac's Board failed to protect shareholder value in agreeing to the initial Management Transaction and has failed to do so again\n \n \n \n \n The Amended Management Transaction changes nothing. The Premium Offer will be available on its terms no matter what actions Calfrac may take or threaten\n \n \n \n \n \n CISCO, Texas\n \n ,\n \n Sept. 25, 2020\n \n /CNW/ - Wilks Brothers, LLC (\"\n \n Wilks\n \n \") acknowledges the press release by Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) yesterday in which they announced that they have amended the Management Transaction.\n \n \n \n \n \n \n \n \n \n What yesterday's announcement makes crystal clear is that the Board of Calfrac has been forced to concede that the original Management Transaction was fundamentally flawed and undervalued its shareholders' interests in the Company. In effect, the self-selected unsecured creditors and Calfrac insiders who proposed the Management Transaction were attemp...