Business
Ensign Energy Services Inc. Announces Offer to Acquire Trinidad Drilling Ltd.
Ensign Energy Services Inc. Announces Offer to Acquire Trinidad Drilling Ltd. Cana...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\nEnsign Energy Services Inc. Announces Offer to Acquire Trinidad Drilling Ltd.\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, Aug. 13, 2018\n\n\n\n\nShareholders of Trinidad to receive $1.68 in cash per Trinidad common share\nOffer represents 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 through August 10, after Trinidad announced on August 1, 2018 the end of its strategic review process\nFully funded all-cash offer provides immediate liquidity and certainty of value to Trinidad shareholders\nTrinidad shareholders with questions can contact Kingsdale Advisors at 1-866-581-1514 or [email protected] \n\n\n\nCALGARY, Aug. 13, 2018 /CNW/ - Ensign Energy Services Inc. (TSX: ESI) (\"Ensign\" or \"We\" or \"Us\" or the \"Offeror\") announced today that it intends to commence an offer (the \"Offer\") to acquire, through a wholly-owned subsidiary, all of the issued and outstanding common shares (the \"Common Shares\") of Trinidad Drilling Ltd. (TSX:TDG) (\"Trinidad\") for $1.68 in cash per Common Share. This represents 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 through August 10, after Trinidad announced on August 1, 2018 the end of its strategic review process. Including Trinidad's estimated outstanding net debt of $477 million as at June 30, 2018, the total value of the transaction is approximately $947 million.\n\n\n \n \n\n \nFollowing Trinidad's announcement on August 1, 2018 of the unsuccessful conclusion of its comprehensive public strategic review process, Ensign approached Trinidad's Board of Directors (the \"Trinidad Board\") with a proposal to enter into negotiations regarding a fully-funded all-cash transaction which would provide Trinidad shareholders the opportunity to realize an immediate premium and liquidity for the Trinidad Common Shares at a compelling value. After having advised the Trinidad Board of ...