Sept 23 (Reuters) - Total Energy Services Inc TOT.TO :
* Announces that it will not proceed with a takeover bid for Strad Energy
Services Ltd
* Says "regrets that it will not be in a position to present the offer directly
to Strad shareholders"
* Says Total will not be proceeding with an offer to purchase all of class a
common shares of Strad
* Says remains convinced that the offer terms reflected fair value for the
outstanding Strad shares
* Concluded that 120 day period associated with poison pill is "inordinately
long and exposes Total to an unacceptable level of risk"
* As result of implementation of shareholder rights plan, will not be
proceeding with offer to purchase class a shares of Strad
* Total energy services -co advised Strad that it was considering presentation
of combination deal to shareholders of Strad
* Management to evaluate,pursue investment opportunities presented in
"challenging North American energy services environment"
* Co advised Strad it was considering presentation of deal to shareholders of
Strad ina letter dated September 1, 2015
* Source text for Eikon ID:nMKWr7H2Da
* Further company coverage TOT.TO