Candover Group Boosts Expro Bid
Private equity consortium Umbrellastream Ltd., led by U.K.-based Candover Group, increased its cash offer for oil and gas services company Expro International Group PLC to $3.5 billion.
Expro shareholders already approved Umbrellastream’s earlier offer that valued the company at about $3.4 billion.
Halliburton Co., the Houston-based energy company, has been trading bids for the same British oil field contractor, and has until June 20 to put another offer on the table.
Expro’s directors unanimously recommended the Umbrellastream offer Friday.
But the company also said it is still talking to Halliburton “which may or may not lead to an offer being made.”