Canada's Total Energy Services offers to buy Strad Energy Services

Mon Sep 21, 2015 4:46pm EDT
 
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Sept 21 (Reuters) - Canadian oilfield services provider Total Energy Services Inc said on Monday it offered to buy Strad Energy Services Ltd for C$2.90 per share.

Strad shareholders will have an option to receive C$2.90 in cash or C$1.35 in cash plus 0.10 of a Total common share for every share held.

Total's C$2.90 per share offer represents an 11.50 percent premium to Strad's Monday close on the Toronto Stock Exchange.

The offer of $2.90 per share values Strad at C$108.3 million ($81.7 million) based on the company's total outstanding shares as of June 30.

($1 = 1.3251 Canadian dollars) (Reporting By Darshana Sankararaman in Bengaluru; Editing by Sriraj Kalluvila)