Mullen Group Income Fund, Aldersyde, Alberta, (Toronto: MTL.UN) has made an unsolicited takeover bid for Pe Ben Oilfield Services Ltd. (Toronto: PBN) for C$12 in cash per share, representing a premium of approximately 28% based on the average trading price of Pe Ben shares. "The trust conversion process we undertook during the first half of 2005 caused us to closely examine all of our operating and non-operating assets, including our approximate 10 percent share position in Pe Ben. With the trust conversion now behind us we believe the time is right to add Pe Ben to the Mullen Group," says Stephen H. Lockwood, president and co-chief executive officer of Mullen. Pe Ben provides contract transportation, handling and storage of oilfield tubular products and supplies, the hauling, stringing and stockpiling of large diameter oil and gas transmission pipe, and the transportation of bulk petroleum products to the oil and gas industry. Raymond James Ltd. is advisor to Mullen.
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