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Article: Halliburton Umbrellastream in a bidding contest
- Article from:
- AP Online
- Article date:
- May 23, 2008
- Author:
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In the hot energy sector, a rapid-fire bidding contest broke out Friday between a London-led private equity consortium and Halliburton _ both coveting the same European oil field contractor.
Shares of Expro International Group PLC, now clearly the prize, soared 5.5 percent to 1,626 pence ($32.13).
Houston-based Halliburton, which revealed its interest in Britain's Expro last month, made an all-cash proposal of $3.36 billion, or 1,525 pence ($30.14) per share before the market opened Friday.
That topped the offer made last month by the Candover-backed Umbrellastream Ltd., which valued the company at $3.16 billion (1.6 billion pounds) or 1,435 pence ($28.36) per share.
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