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Summary Rejection by Calfrac's Special Committee of Wilks' Superior Proposal Unfairly Disregards the Interests of All Stakeholders; Superior Proposal Will Remain Available to the Company if Shareholders Reject the Initial Management Transaction
Summary Rejection by Calfrac's Special Committee of Wilks' Superior Proposal Unfairly Disr...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nSummary Rejection by Calfrac's Special Committee of Wilks' Superior Proposal Unfairly Disregards the Interests of All Stakeholders; Superior Proposal Will Remain Available to the Company if Shareholders Reject the Initial Management Transaction\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.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCISCO, Texas, Aug. 18, 2020\n\n\n\nThe Special Committee admits to having made their decision based solely on the views and interests of a self-selected group of insiders and unsecured noteholders who will disproportionately benefit from the insider deal Independent analysts agree that the Wilks' Superior Alternative Proposal is \"unambiguously\" a financially superior transaction Shareholders should not be intimidated into supporting the inferior and flawed insider deal by thinly-veiled threats made by the Special Committee If shareholders reject the insider deal, Wilks' Superior Alternative Proposal, the full details of which are available at www.afaircalfrac.com, will remain available to the Company CISCO, Texas, Aug. 18, 2020 /CNW/ - Wilks Brothers, LLC (\"Wilks\") responds to the August 17, 2020 announcement of Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX: CFW) that the Company's special committee of directors (the \"Special Committee\") determined that Wilks' proposed alternative recapitalization transaction  (the \"Superior Alternative Proposal\") is not a \"Superior Proposal\" as defined in the support agreements for the management-led recapitalization transaction (the \"Initial Management Transaction\"), and that the Company will continue to seek approval for the Initial Man...