Savanna Energy Services Corp. said March 29 it has terminated an agreement to be purchased by Western Energy Services Corp. after Total Energy Services Inc. purchased Savanna’s shares through the Toronto Stock Exchange.
Western and Total Energy have been vying to purchase the company. Savanna had urged shareholders to reject Total Energy’s “hostile” offer on March 23.
Western had offered 0.85 of its common shares for Savanna’s shares, as well as C$0.21 in cash per common share of Savanna. Toronto’s Financial Post reported Total Energy’s final takeover bid was C$444 million.
RELATED: Savanna Accepts Western Energy's Raised Offer, Rejects Total Energy's Bid
Western is considering “remedies it may have in connection with Savanna's notice of termination,” the company said March 29.
Savanna is a leading contract drilling and oilfield services company operating in North America and Australia. It provides drilling, well servicing and related services.
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