(Reuters) - Do All Industries Ltd cut its offer price for Hyduke Energy Services Inc (HYD.TO) by 41 percent and took it directly to shareholders after talks with Hyduke management collapsed.
Privately held Do All, which like Hyduke provides services and equipment to the oil and gas industry, slashed its offer price to 83 Canadian cents per share, or C$20.1 million, from C$1.37 per share, or C$34 million.
Hyduke’s shares, which were among of the top percentage gainers on the Toronto Stock Exchange, were up 39 percent at 79 Canadian cents on Friday morning.
Do All ended talks with Hyduke late last month saying the company did not provide some of the information it asked for.
Reporting by Krithika Krishnamurthy in Bangalore; Editing by Sreejiraj Eluvangal