Aug 13 (Reuters) - Canadian oilfield services provider Ensign Energy Services Inc ESI.TO on Monday made a hostile bid of C$947 million ($720.26 million) for Trinidad Drilling Ltd TDG.TO after its board rejected an earlier buyout offer.
Ensign's offer of C$1.68 per Trinidad share represents a premium of 11.3 percent to the company's Friday close. The deal value includes Trinidad's outstanding net debt of C$477 million as of June 30, Ensign said in a statement. part of a strategic review that began in February, Trinidad Drilling, which builds rigs in Canada and the United States, made changes to its board. The review ended on Aug 1, but the company did not decide on any deals.
After the review, Ensign, which owns about 9.8 percent in Trinidad Drilling, approached the company's board with an offer, but was stalled.
"The Trinidad Board's failure to fully engage with Ensign has led us to bring the offer directly to you, the shareholders and true owners of the company," Ensign said in a statement. ($1 = 1.3148 Canadian dollars)