Logan International Inc. Announces All-Cash Sale to Rubicon Oilfield International
CALGARY, ALBERTA--(Aug 28, 2016) - Logan International Inc. (LOGAN) (LII.TO) today announced that it has entered into a definitive agreement (the "Arrangement Agreement") with a wholly-owned subsidiary ("Rubicon") of Rubicon Oilfield International Holdings, L.P., pursuant to which Rubicon will acquire all of the outstanding common shares of Logan for CDN$1.49 per share (the "Transaction"). The combination of the two companies will create a global oilfield products and equipment company with the potential for growth across its product lines.
Additionally, the terms of the Arrangement Agreement provide that Logan and its subsidiaries may continue with their efforts to sell all of the equity of, or all or substantially all of the assets of, one or both of two of Logan's subsidiaries, Logan Completion Systems Inc. and Logan SuperAbrasives Inc., on the terms set forth in the Arrangement Agreement (the "Subsidiary Sales").
- Category: Oil & Gas
- Published: 29 August 2016
- Written by Editor