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Article: Private equity consortium led by Candover agrees to buy Expro oil services company
- Article from:
- AP Worldstream
- Article date:
- April 17, 2008
CopyrightCopyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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LONDON _ A private equity consortium led by Candover Group Ltd. Thursday said it reached an agreement to buy oil and gas services company Expro International Group PLC for 1.6 billion pounds (US$3.2 billion; 2 billion).
But Expro's share price in morning trade shot past the 1,435 pence (US$2.84; 1.78) a share offer price on speculation that another private equity or energy company would try to trump Candover's bid.
"People are factoring in a competing offer being made," said Blue Oar Securities analyst Craig Howie.
Expro shares were up 10.6 percent at 1,462 pence (US$2.89; 1.82) in morning trading in London.
Candover, a private equity house, said it ...