UPDATE: Do All Industries to Acquire Hyduke Energy Services for $1.37/Shr; Hyduke Shares to Resume Trading at 145 (pm) ET


Do All Industries Ltd., a private oil and gas services firm based in Saskatchewan, has agreed to acquire Hyduke Energy Services (HYD.TO) for $34 million, or $1.37 per share.

Hyduke shares are currently halted but will resume trade at 1:45 p.m. ( ET ).

The offer represents a 108% premium over yesterday's closing price of Hyduke shares.

The merger is subject to a number of conditions, including the approval of at least 66.6% of Hyduke shareholders. Certain members of the Hyduke Board and Hyduke's executive officers, who collectively own approximately 22.7% of the outstanding Hyduke shares on a fully-diluted basis, have entered into voting support agreements with Do All and have confirmed their intention to vote their shares in favour of the Arrangement.

Hyduke Board Chairman Myron Yurko stated: "This business combination will strengthen Hyduke's ability to continue to provide its customers with the life cycle management that they are now accustomed to. It will also provide different venues to provide service from as well as adding much more square footage of manufacturing ability. Business will continue as usual for all customers and employees."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ET

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