Sector movers: Expro bid materialises
Oil drilling services provider Expro International has agreed to be bought by a company formed by Candover Partners, Goldman Sachs and AlpInvest for £1.6bn.
Umbrellastream will pay 1435p per share for Expro, which represents a 54.9% premium to the day before Expro announced it had recived a proposal.
Expro said it considers the terms of the acquisition to be fair and reasonable and has recommended the offer to shareholders.
"Candover, Goldman Sachs Capital Partners and Alplnvest are delighted that the
Independent Directors of Expro have unanimously agreed to recommend our offer," said Umbrellastream stream director John Arney.
Expro chairman Chris Fay said: "Umbrellastream's cash offer provides Expro shareholders with certain value today and fairly reflects both the value that has been created during this period and the future potential of the group."
Shares in mail order specialists Findel fell out of bed this morning after it said it expects full-year pre-tax profit to be below its previous expectations due to higher bad debt provisions at its home shopping arm, but profits should still be marginally ahead of last year.
The group said it conducted a further review of its home shopping debt book in light of the deteriorating economic climate and now estimates that the bad debt provision will be £5m higher than had previously been anticipated.
"The board believes that the group remains well positioned to make further progress in the new financial year," it added.
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