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Wilks Announces Filing of Notice of Variation for its Improved Premium Offer and Responds to Calfrac's Latest Attempt to Intimidate Shareholders
Wilks Announces Filing of Notice of Variation for its Improved Premium Offer and Responds...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"Wilks-PremiumOffer\n \n \n \n Wilks Announces Filing of Notice of Variation for its Improved Premium Offer and Responds to Calfrac's Latest Attempt to Intimidate Shareholders\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 \n \n \n \n \n \n Canada NewsWire\n \n \n CISCO, Texas, Oct. 9, 2020\n \n \n \n \n \n CISCO, Texas\n \n ,\n \n Oct. 9, 2020\n \n /CNW/ - Wilks Brothers, LLC (\"Wilks\") today announced that, further to its\n \n October 5, 2020\n \n announcement, its affiliate, THRC Holdings, L.P., has formally amended the terms of its take-over bid (the \"Premium Offer\") for all of the issued and outstanding common shares of Calfrac Well Services Ltd. (\"Calfrac\") (TSX: CFW).  Wilks' Premium Offer will remain open until\n \n 5:00 p.m.\n \n (\n \n Toronto\n \n time) on\n \n December 23, 2020\n \n , subject to its terms. The Notice of Variation, Amended Letter of Transmittal and Amended Notice of Guaranteed Delivery were filed with securities regulators in\n \n Canada\n \n yesterday and will be mailed to Calfrac Shareholders.\n \n \n \n \n \n \n \n \n \n KEY POINTS FOR CALFRAC SHAREHOLDERS:\n \n \n \n \n Shareholders can receive up to\n \n $0.25\n \n in cash per Calfrac Share and a minimum cash consideration of\n \n $0.18\n \n per Calfrac Share, subject to the aggregate purchase price for all Calfrac Shares acquired pursuant to the Premium Offer not exceeding\n \n $21,103,250\n \n .\n \n \n \n \n Cash consideration is\n \n \n more than\n \n 110%\n \n higher than the\n \n $10 million\n \n aggregate cash consideration under Calfrac's Amended Management Transaction.\n \n \n \n \n Wilks' Premium Offer contains\n \n no new conditions\n \n .\n \n \n \n \n Wilks' Premium Offer is the only transaction that does not require Court approval or the consent of Calfrac or any of its creditors.\n \n \n \n \n Wilks' Premium Offer is the only transaction that has the full support of ISS, Glass Lewis and other independent advisory firms.\n \n \n \n \n Wilks' Premium Offer is simple, straightforward and available to Shareholders if they Vote AGAINST the A...