Alpine Oil Services Corporation (ASL-TSE) today announced that a definitive agreement for the previously announced proposed acquisition of Alpine by Weatherford International Inc. (WFT-NYSE) had been signed following the approval of the acquisition by the Boards of Directors of Weatherford and Alpine.
The acquisition of Alpine by Weatherford is subject to the approval of Alpine?s shareholders and Canadian regulatory and judicial authorities. A meeting of Alpine shareholders to approve this plan of arrangement, and the mailing of applicable documents to all Alpine shareholders, is expected to be announced shortly. Alpine anticipates that the shareholder meeting will be held in late July or early August. A press release announcing the meeting will follow.
As previously announced, five of Alpine?s principal shareholders holding an aggregate of approximately 34% of the issued and outstanding common shares of the company have agreed to support the acquisition and to vote their shares in support of a plan of arrangement. Under the plan of arrangement all Alpine common shareholders will receive $Cdn 2.50 per share payable by the issuance of exchangeable shares in a Canadian subsidiary of Weatherford. Each exchangeable share will entitle the holder to one Weatherford share. For the purposes of the transaction, the value of Weatherford shares will be determined based on the average Weatherford closing price for the 10 days prior to the close of the acquisition of Alpine.
Alpine Oil Services Corporation is an innovative, value-added energy services entity competing in the Canadian upstream oil and gas market. Alpine is the second largest provider of Underbalanced Drilling surface pressure control equipment complete with rotating blowout preventers, and the largest provider of Real-Time Drill Stem Testing services, in North America. Alpine is the only company in North America that has developed and now offers a mechanical wireline-set and retrievable production telemetry tool. Internationally Alpine is involved in the sale of its proprietary equipment into select markets. Alpine is a recognized leader in the research, development and application of innovative technologies related to the services it provides. Alpine uses this technological knowledge base to design and manufacture many of the downhole tools used in its services. To date, Alpine has developed and presently uses more than 100 types of proprietary tools and equipment in its three main service lines.
Weatherford?s acquisition of Alpine will extend Weatherford?s underbalanced drilling capabilities worldwide and add new completion capabilities to Weatherford?s Completion Systems division. Alpine?s production testing, mechanical and electric wireline, telemetry and open and cased hole drill stem testing services would be consolidated into Weatherford?s similar existing operations.
Houston-based Weatherford International, Inc. (http://www.weatherford.com) is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 50 countries and employs approximately 10,000 people worldwide. |
