CALGARY, Oct. 1, 2012 /CNW/ - Pure Energy Services Ltd. ("Pure") (TSX: PSV) is pleased to announce today that it has completed its previously announced acquisition by FMC Technologies, Inc. ("FMC") for C$11.00 per share in cash, or approximately C$282 million.
The acquisition was implemented through a court-approved plan of arrangement under the Business Corporations Act (Alberta) involving Pure, FMC Technologies Canada Holdings Inc., a wholly-owned subsidiary of FMC, and the holders of common shares and options of Pure. In connection with the completion of the transaction, it is anticipated that Pure's common shares will be delisted shortly from the Toronto Stock Exchange.
Pure is an oilfield services company that provides well completion and abandonment services to oil and gas exploration and development entities in the Western Canadian Sedimentary Basin and certain regions of the United States.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. In particular, this press release contains forward-looking statements and information concerning the delisting of Pure's common shares from the Toronto Stock Exchange. Pure has provided such in reliance on certain assumptions that it believes are reasonable at this time, including the ability of the parties to satisfy the conditions of the Toronto Stock Exchange in a timely manner. The delisting may be delayed if the parties are unable to satisfy the conditions of the Toronto Stock Exchange. Readers should not place undue reliance on this forward-looking information contained herein.
Failure to so satisfy the conditions to the delisting may result in the delisting of the Common Shares not being completed on the proposed terms, or at all.
Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this press release are made as of the date hereof and Pure undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE: Pure Energy Services Ltd.
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Chief Executive Officer
Vice President Finance and Chief Financial Officer
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