March 15 Savanna Energy Services Corp
said it accepted a higher offer from fellow Canadian oilfield
services provider Western Energy Services, while again
rejecting a hostile bid from Total Energy Services Inc.
Western Energy's bid has been revised to include a cash
portion of 21 Canadian cents per share, in addition to the
original offer of 0.85 Western Energy's stock for each share
held, Savanna said on Wednesday.
The new offer values Savanna at about C$386 million ($287
million), up from about C$348 million earlier.
Total Energy's current offer stands at 20 Canadian cents in
cash and 0.13 per share for each Savanna share held, valuing the
company at about C$225 million.
The company first offered 0.1132 of its shares in November,
before raising the bid and taking it directly to Savanna's
shareholders in December.
Savanna had then rejected Total Energy's offer, saying it
"significantly" undervalued the shares of the company.
Savanna provides oil and gas exploration and well
preparation and well maintenance services across Alberta,
Saskatchewan, British Columbia and Manitoba. It also operates in
Canada, the United States and Australia.
Western Energy provides contract drilling services through
Horizon Drilling in Canada and Stoneham Drilling Corp in the
($1 = 1.35 Canadian dollars)
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Sriraj