UPDATE: National Oilwell Varco (NOV) to Buy CE Franklin (CFK) for C$12.75/Share

May 30, 2012 5:16 PM EDT
(Updated - May 30, 2012 5:18 PM EDT)

CE Franklin Ltd. (NASDAQ: CFK) announced today that it has entered into an arrangement agreement with a wholly owned National Oilwell Varco, Inc. (NYSE: NOV) subsidiary, NOV Distribution Services ULC, pursuant to which, NDS has agreed to acquire all of the issued and outstanding common shares of CE Franklin for consideration of CAD$12.75 in cash per Common Share. The transaction will be implemented by way of a statutory plan of arrangement.

The total consideration payable under the Arrangement is approximately CAD$240 million.

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