Total Energy acquires majority of Savanna shares in hostile takeover bid

savanna energyTotal Offer is scheduled to expire at 12:00 PM (Pacific time) on April 7, 2017

Total Energy Services Inc. says that on March 24, 2017 it acquired a majority of the outstanding common shares of Savanna Energy Services Corp., according to a company press release.

The process for Total Energy to acquire additional common shares of Savanna is now underway and further updates will be provided by Total Energy as appropriate.

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Total Energy said it appreciates and respects the trust and confidence demonstrated by Savanna shareholders, and welcomes the opportunity to engage with Savanna stakeholders, including employees, First Nations partners, customers, lenders, suppliers and others at an early opportunity.

The board of directors and senior management of Total Energy say they will look to immediately engage with their counterparts at Savanna in an effort to facilitate an efficient and cooperative transition, in the best interests of Savanna, its shareholders and other stakeholders.

The combination of Total Energy and Savanna will result in a diversified, financially solid energy services company with a strong market position in four business segments: Contract Drilling Services; Rentals and Transportation Services; Well Servicing and Compression and Process Services, according to the company.

With a leading market presence in Canada and growing international operations, particularly in the United States and Australia where Total Energy and Savanna currently conduct business, Total Energy expects it will be well positioned to continue to provide shareholders with industry leading returns on their equity following completion of the acquisition.

Savanna shareholders who have not yet tendered to Total Energy’s offer to purchase the outstanding common shares of Savanna are encouraged to deposit their Savanna common shares under the Total Offer as soon as possible.

After giving effect to the extension of the Total offer announced on March 25, 2017, the Total offer is now scheduled to expire at 12:00 PM (Pacific time) on April 7, 2017.

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