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Article: Halliburton gives up pursuit of Expro, leaving takeover path open for Umbrellastream
- Article from:
- AP Worldstream
- Article date:
- June 23, 2008
- Author:
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U.S. oil services company Halliburton Co. gave up its pursuit of Expro International Group PLC on Monday, after the British company stuck by its support for a rival bid and refused to open an auction.
Halliburton revealed it had raised its all-cash offer to 1,625 pence (US$31.91), or 1.82 billion pounds (US$3.6 billion) on Friday, topping the 1,615 pence (US$31.72), or 1.8 billion pound (US$3.5 billion) approach from a private equity consortium led by Candover Group.
Expro has already recommended that shareholders accept that offer from Umbrellastream Ltd., and is holding meetings on Monday and Wednesday for final approval of the deal.
Halliburton's sweetened offer had ...