Business
Wilks Launches Premium Offer For Calfrac Shares; Calfrac Shareholders Now Have an Unobstructed Path to a Premium Recovery by Voting Against the Management Transaction
Wilks Launches Premium Offer For Calfrac Shares; Calfrac Shareholders Now Have an Unobstru...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nWilks Launches Premium Offer For Calfrac Shares; Calfrac Shareholders Now Have an Unobstructed Path to a Premium Recovery by Voting Against the 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.prnml40{\nMARGIN-LEFT:3.33em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCISCO, Texas, Sept. 10, 2020\n\n\n\nCISCO, Texas, Sept. 10, 2020 /CNW/ - Wilks Brothers, LLC (\"Wilks\") announced today that its affiliate, THRC Holdings L.P., has commenced a formal take-over bid (the \"Offer\") for all of the issued and outstanding common shares of Calfrac Well Services Ltd. (\"Calfrac\", and such shares, the \"Calfrac Shares\") (TSX: CFW) for consideration consisting of $0.18 per Calfac Share, in cash. The Offer will remain open until 4:00 p.m. (Toronto time) on December 23, 2020, subject to its terms. The Offer, take-over bid circular and related materials were filed with securities regulators in Canada today and will be mailed to Calfrac Shareholders.\n\n \n \n \n \n \n \n\n \nThe Offer provides Shareholders of Calfrac with an unobstructed path to receive a premium-to-market recovery, in cash, if the coercive, insider-led transaction that has been proposed to them by the entrenched board and management of Calfrac (the \"Management Transaction\") does not proceed. This Offer fulfils our commitment to Shareholders, and entirely eliminates Calfrac's baseless threat that Shareholders either vote for the Management Transaction or be eliminated.   \nThe choice is simple for Shareholders: $0.18 per Calfrac Share under the Offer vs $0.03 per Calfrac Share under the Management Transaction. \nShareholders can only preserve their right to benefit from the premium recovery under the Offer by VOTING AGAINST the Management Transaction.\nHighlights of the Offer:\nMaterial Premium to Current Market Price and to Recovery under Management TransactionThe consideration per Calfrac Share that will be paid pursuant to the Offer:\nrepresents a 20% premium to the market price of the Calfrac Shares on September 1, 2020, the last trading day prior to the date the intention to make the Off...