UK - Expro shareholders put Candover deal in doubt

The Expro board had on Friday recommended the £16.15 per share offer from Umbrellastream, a consortium that is led by Candover and backed by Goldman Sachs Capital and Alpinvest Partners, with a high court hearing due to begin on Monday to approve the takeover. However, several of the firms major shareholders were angered by a decision to reject a higher last minute offer from Halliburton of £16.25 per share, which valued the business at £1.82bn, due to the fact that it was submitted via a scheme of arrangement rather than as an unconditional offer. Halliburton subsequently released a statment stating that it had terminated negotiations, but retained the right to make a further offer if Candovers bid was delayed.

The Takeover Panel, Halliburton and Expro shareholders are likely to agree today what the US firm will say in court and the hearing is due to resume tomorrow.

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