Business
Deal Certainty Remains with Calfrac; Three Key Problems with Wilks Brothers' Takeover Bid
Deal Certainty Remains with Calfrac; Three Key Problems with Wilks Brothers' Takeover Bid...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"Calfrac-WilksBrother\n \n \n \n Deal Certainty Remains with Calfrac; Three Key Problems with Wilks Brothers' Takeover Bid\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.prnml40{\nMARGIN-LEFT:3.33em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Oct. 8, 2020\n \n \n \n \n \n \n The Board Recommends that Shareholders\n \n VOTE FOR\n \n on the white proxy form.\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 8, 2020\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) responded today to the latest press release from Wilks Brothers, particularly highlighting the continuing deficiencies and omissions in the information that Wilks Brothers has provided to Calfrac Shareholders. As before, the Wilks Brothers offer is conditional, uncertain and appears to be in violation of applicable securities laws.\n \n \n \n Calfrac's Amended Recapitalization Transaction continues to\n \n \n offer deal certainty, while the Wilks Brothers takeover bid will result in a significant risk of no cash to Shareholders; NOT the\n \n $0.18\n \n or\n \n $0.25\n \n cash being advertised\n \n .\n \n \n \n \n Three Key Problems with the Wilks Brothers Offer\n \n \n \n \n The\n \n three key problems with\n \n Wilks Brothers' takeover bid and its new undisclosed condition are:\n \n \n ---\n \n \n material risk\n \n that the Wilks Brothers takeover bid may confuse Shareholders into not receiving ANY cash,\n \n because if the Amended Recapitalization Transaction is not approved, then Calfrac will complete a CCAA transaction and the Wilks Brothers takeover bid conditions will not be met;\n \n \n ---\n \n \n material uncertainty\n \n whether the soon-to-be-revised Wilks Brothers' takeover bid actually works\n \n ,\n \n or is even permissible\n \n under securities laws; and\n \n \n ---\n \n \n material uncertainty\n \n whether\n \n , if Wilks Brothers were to actually be successful in defeating the Calfrac Shareholder votes at the upcoming meeting,\n \n Calfrac can still survive intact.\n \n \n \n \n \n The Wilks Br...