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Total Energy Services drops plans to buy Strad Energy

Published 2015-09-23, 06:24 p/m
Updated 2015-09-23, 06:28 p/m
© Reuters. Total Energy Services drops plans to buy Strad Energy

Sept 23 (Reuters) - Canadian oilfield services provider
Total Energy Services Inc TOT.TO said on Wednesday it will not
pursue a takeover bid for smaller rival Strad Energy Services
Ltd SDY.TO after the target adopted a poison pill.
Calgary-based Total Energy said on Monday it intends to make
an offer for the rest of Strad at C$2.90 per share, its second
attempt to buy the company.
Strad earlier on Wednesday adopted a poison pill that
required any takeover bid to remain open for 120 days in order
to qualify as a "permitted bid".
Total said the 120-day period is inordinately long and
exposes it to an unacceptable level of risk in the current
market conditions.
Total Energy currently owns about 9.95 percent of Strad's
outstanding shares.
The takeover battle comes amid consolidation in the North
American oilfield services industry due to a slump in global
crude prices LCoc1 .

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