U.K. oil services provider Expro International Group plc scored a victory at the High Court in London in its battle to push through an agreed £1.81 billion ($3.6 billion) takeover by a private equity consortium led by Candover Partners Ltd.
A High Court judge refused an application from dissident shareholders
Mason Capital Management LLC and Sandell Asset Management Corp., which
together hold about 14% of Expro, to delay this week's court meetings
to approve the bid.
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The shareholders want to force Expro to consider a slightly higher offer from Halliburton Co. The Houston oil field services group walked away Friday after Expro turned down its indicative takeover proposal, saying the additional 10 pence per share it was offering wasn't enough to offset the risks of putting the private equity takeover on ice.
A judge was due to rule on Expro's application to approve the takeover by the private equity vehicle, known as Umbrellastream Ltd., at 4 p.m. London time Thursday. Umbrellastream, which also includes Goldman Sachs Capital Partners and AlpInvest Partners NV, had originally agreed to buy Expro in April for 1,435 pence per share before sweetening its offer twice preemptively after Halliburton said it might bid. It most recently agreed to pay 1,615 pence per share.
On withdrawing its 1,625 pence proposal on Friday, June 20, Halliburton said it might return if court meetings to approve the Umbrellastream takeover were delayed by 14 days or more. A court meeting held on Thursday, June 26, to discuss the Umbrellastream takeover - the first of two - had been adjourned on Monday, June 23, and then again on Wednesday, June 25, as the parties argued their respective cases. -
Laura Board
Halliburton still wants Expro
