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
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."
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