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