Business
Wilks Improves Terms of Premium Offer to Provide Calfrac Shareholders up to $0.25 in Cash for Each Calfrac Share
Wilks Improves Terms of Premium Offer to Provide Calfrac Shareholders up to $0.25 in Cash...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"WilksBrothersPremOffe\n \n \n \n Wilks Improves Terms of Premium Offer to Provide Calfrac Shareholders up to $0.25 in Cash for Each Calfrac Share\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, Oct. 5, 2020\n \n \n \n \n \n CISCO, Texas\n \n ,\n \n Oct. 5, 2020\n \n /CNW/ - Wilks Brothers, LLC (\"Wilks\") today announced that it has improved the terms of its Premium Offer to acquire all of the issued and outstanding common shares (\"Shares\") of Calfrac Well Services Ltd. (\"Calfrac\") (TSX: CFW). In accordance with the terms of the amendment, Wilks will agree to provide tendering Shareholders up to\n \n $0.25\n \n in cash per Share and a minimum cash consideration of\n \n $0.18\n \n per Share.\n \n \n The exact amount of additional value above the current\n \n $0.18\n \n cash per Share that will be provided to tendering Shareholders is subject to the number of Shares deposited pursuant to the Premium Offer and the aggregate purchase price for all Shares acquired pursuant to the Premium Offer not exceeding\n \n $21,103,250\n \n .  If all Shareholders other than MATCO, the officers and directors of Calfrac and Wilks deposit their Shares to the Premium Offer, Shareholders would receive\n \n $0.25\n \n in cash per Share.\n \n \n The amendment to Wilks' Premium Offer follows the disclosure by the officers and directors of Calfrac (including Mr. Mathison) in Calfrac's Director's Circular dated\n \n September 24, 2020\n \n that they do not intend to deposit their Shares to the Premium Offer. In fact, some or all of these insiders may be contractually prohibited from doing so.  As a result, Wilks has determined that the value that would otherwise be paid to them should be unlocked and directed to the other Shareholders of Calfrac, to a maximum of\n \n $0.25\n \n in cash per Share.\n \n \n The aggregate cash consideration of\n \n $21,103,250\n \n that Wilks is prepared to provide to Calfrac Shareholders is more than\n \n 110%\n \n higher than the\n \n $10 million\n \n aggregate...