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Precision drilling corporation terminated the Arrangement Agreement dated October 5, 2018 with Trinidad Drilling Ltd. following the announcement by Ensign Energy Services Inc. that she had taken 56.38% of the outstanding common shares of Trinidad under the terms of her unsolicited tender offer and her tender offer circular.
As a result, the payment of the termination fee in the amount of $ 20 million is now due and payable to Precision pursuant to the Arrangement Agreement.
Late in the morning, the company announced that the terms of its bid for Trinidad shares at $ 1.68 per share had been fulfilled or canceled and it took over the Trinidad shares filed in response to the announcement. offers November 27, 2018 at 10 o'clock.
Approximately 56.38% of Trinidad's ordinary shares (154,111,528 Trinidad shares) were tendered to the bid and were taken over by Ensign, the minimum legal requirement being the bid for the offer of more than 50 % of Trinidad shares. does not belong to or is not controlled by Ensign.
With the 26,863,239 Trinidad shares already held by Ensign, this represents approximately 66.18% of the issued and outstanding Trinidad shares.
Precision entered the ring for Trinidad in October (DOB, October 5, 2018), outweighing the previous hostile offer to Trinidad presented by Ensign.
The total transaction value of the transaction for all Precision shares was approximately $ 1.028 billion, including the badumption of a net debt of Trinidad of approximately $ 477 million.
In August, Ensign launched a hostile bid to acquire Trinidad for $ 947 million, just two weeks after Trinidad 's announcement of the end of its bid process. strategic alternatives. Trinidad later said that the hostile offer of the Company's Significantly "underestimates" Trinidad and asked shareholders to reject the offer.
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