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Ensign Accelerates Expiry of Previously Announced All-Cash Offer to Acquire Trinidad to November 27, 2018
Ensign Accelerates Expiry of Previously Announced All-Cash Offer to Acquire Trinidad to No...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\nEnsign Accelerates Expiry of Previously Announced All-Cash Offer to Acquire Trinidad to November 27, 2018\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 16, 2018\n\n\n\nShareholders of Trinidad to receive $1.68 in cash per Trinidad common share Offer represents a 16% premium over Precision Drilling's all-share proposed Arrangement, based on the closing price of the common shares of Precision Drilling on the TSX as of November 15, 2018 and approximately a 20% premium to the volume weighted average price of the common shares of Trinidad on the TSX for the trading days between August 1, 2018 through August 10, 2018, after Trinidad announced the end of its strategic review process Shareholders of Trinidad can tender their shares now by contacting Kingsdale Advisors at 1-866-581-1514 or by e-mail at [email protected]  CALGARY, Nov. 16, 2018 /CNW/ - Ensign Energy Services Inc. (TSX:ESI) (\"Ensign\" or \"We\" or \"Us\") announced today that it is varying certain terms and conditions of its all-cash offer dated August 30, 2018 (the \"Offer\") to acquire, through a wholly-owned subsidiary (the \"Offeror\"), all of the issued and outstanding common shares (the \"Common Shares\") of Trinidad Drilling Ltd. (TSX: TDG) (\"Trinidad\") to, among other things, shorten the time period for acceptance of the Offer to 10:00 a.m. (Toronto time) on November 27, 2018.\nEnsign is entitled to shorten the time for acceptance of the Offer as Trinidad has accepted an alternative offer (the \"Inferior Precision Offer\") from Precision Drilling Corporation (TSX: PD) (\"Precision\"). The Inferior Precision Offer which is in the form of Precision common shares (\"Precision Shares\"), the trading price of which has declined by as much as 30% since October 4, 2018, the day before the Inferior Precision Offer was announced, is, in the view of Ensign, far inferior to Ensign's cash Offer for Trinidad Common Shares.\n\"Notwithstanding the significantly lower implied value of the Precision consideration for Trinidad shares, we are maintaining ou...