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[patchway] 27/6/2008 10:43

Grg.
Just like Metaphysics, the answers come after both their usefulness and the importance of the questions has evaporated ;o]
What about swapping fools for falls and opening the thread to the follies perpetrated with the EXit money. I've already lost loads buying cheap Banks!

[grgkecer] 27/6/2008 08:32

At last the question in the thread title can be answered . . .

[patchway] 26/6/2008 23:52

THANK YOU, EXPRO, AND GOODNIGHT ALL.

[patchway] 26/6/2008 23:50

Mad. sounds like back office panic at risk of court decision, presumably will now be honoured . If not Brokers first then FSA.

[grgkecer] 26/6/2008 18:19

It looks as though it's all over - but there's probably nobody else left.

[spectoacc] 25/6/2008 12:20

Adjourned again; closed s/bet, good luck holders.

[spectoacc] 24/6/2008 07:43

EGM adjourned till Weds now, ffs. I'm on an s/bet, I want the money before Sept! Has gone on ages, how much longer..

[spectoacc] 22/6/2008 16:21

Similar in Sunday Times:


As the Telegraph put it:

"Halliburton had refused to agree the terms of an auction and had refused to provide an indication of the price it was offering until 20 minutes before Friday's midnight deadline, claimed sources close to the situation.

They added that Halliburton's decision to lodge a bid through a scheme of arrangement rather than as an unconditional offer had added to the uncertainty."

I reckon you take what you've got in this market - anti-trust approved, all cash, done in a fortnight. Halliburton should have put in a knock-out bid if they really wanted it (and before 11.40pm).

[grgkecer] 22/6/2008 07:17

Investor fury at 'cut-price' Expro takeover
Last Updated: 2:22am BST 22/06/2008

[grgkecer] 21/6/2008 08:36

It's a pity some other oil service company didn't bid (thamestrader's, for example).

[spectoacc] 21/6/2008 08:32

Cheers again. Must admit I'm divided: on the one hand they could have got a significantly higher price via an auction (and it could have been from Umbrellastream). On the other hand, it would have dragged it on longer, the markets could have got worse, & after months of anti-trust dithering there might have been no bid at all.

Think £16.15 in a few weeks is the right outcome overall. If Halliburton were so keen, the fools should have put in a knock-out offer.

[grgkecer] 21/6/2008 08:26

Oh, by the way:
On the basis of the expected Effective Date of 26 June 2008, the settlement of the cash consideration under the Scheme will be effected on or before 10 July 2008.

[grgkecer] 21/6/2008 08:20

It seems quite clear that, for whatever reasons, Expro didn't want to be taken over by Halliburton (who would?). What effect this will have on their commercial relations (for example, they have a large joint contract with Petrobras: ) will be Candover's problem . . . except in the unlikely event that their bid does not go through.

[spectoacc] 21/6/2008 07:47

OK read it again, very interesting. Lots of bleating from Halliburton about how EXR had agreed in principle to this auction process, that Umbrellastream had agreed to it too, & seemingly all Hallib. thought they had to do was put in a slightly increased offer.

But reading between the lines - EXR weren't sure Halliburton's offer would get anti-trust approval, so going to auction & them winning it COULD have meant no deal at all. Hence I think that's why they decided to go with the already-approved 1615p cash offer, rather than a higher offer that may yet have come to nothing.

[spectoacc] 21/6/2008 07:40

grgkecer, huge thanks for that.

Ridiculous though - Halliburton were willing to go higher than +10p over Umbrellastream! But seems they had their bluff called - they thought by pitching the offer just a tiny bit higher, the EXR board would agree to an auction process.

Instead, EXR stuck with the 1615p and Halliburton have walked away. Not saying I'm disappointed with that; but I'm disappointed Halliburton took until the last sec (after many many weeks, in fact a ridiculous amount of time) to give EXR a not particularly great ultimatum, which they then turned down.

Anyone know when the 1615p gets sent out? Sounds like quite soon. All those buyers at around 1675 yesterday going to be licking their wounds, but wish I'd sold..

[grgkecer] 21/6/2008 06:21

20 June 2008
Halliburton Company ("Halliburton") – Rejection of Halliburton's increased proposal for Expro
International plc ("Expro") and termination of talks

[mirshahik] 20/6/2008 22:35

No Specto, I think it is not over yet. Maybe the date is wrong. If someone knows the please shed some light.

[spectoacc] 20/6/2008 20:43

Is that it then? Do they have until midnight? Do holders only get £16.15?

Looked to be well bought & closed at highs today, presumed someone was in the know...

[mirshahik] 20/6/2008 10:56

From CNN: "The increased offer will put pressure on U.S. giant Halliburton Co. (HAL), which has until June 20th to put in a further bid. Its earlier offer at 1,525 pence a share valued Expro at GBP1.7 billion."

[mirshahik] 20/6/2008 10:27

I thought today was the deadline for Haliburton to make a counter offer?

Also on Level 2 some huge buys lined up at around £ 16.40

[thamestrader] 19/6/2008 13:50

Not if the downgrade is for valid reasons.

[mirshahik] 19/6/2008 10:34

Lamprell drop today on Citi downgrade. Buying op?

[mirshahik] 16/6/2008 10:46

Lamprell already up about £ 2.00 in a period of few months. But there could be much more.

[grgkecer] 16/6/2008 08:58

Yes, but not (yet) ISAable.