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UPDATE 1-Canada's Savanna Energy to open books to potential suitors

Published 2017-01-10, 09:29 a/m
© Reuters.  UPDATE 1-Canada's Savanna Energy to open books to potential suitors

(Adds details, response from Total)

Jan 10 (Reuters) - Canadian oilfield services provider Savanna Energy Services Corp SVY.TO said on Tuesday it would open its books this week to potential suitors interested in a deal with the company.

Savanna said it also planned to explore strategic alternatives, which may include a sale of the company among other options. company had rejected an unsolicited acquisition offer from Total Energy Services Inc TOT.TO in December as it "significantly" undervalued the shares of the company. Savanna Energy, which said it was receiving interests from bidders, reiterated its recommendation to shareholders to reject the offer from Total.

Total Energy refuted Savanna's assertion, saying Savanna chose to pursue a "highly dilutive" refinancing deal rather than engage with the company despite the encouragement of several large Savanna shareholders to do so.

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