CE Franklin Ltd. (CFK,CFT.TO) said Monday that its plan of arrangement involving a wholly-owned subsidiary of National Oilwell Varco, Inc., NOV Distribution Services ULC, was approved by more than 98 percent of the votes cast by shareholders of CE Franklin.
The arrangement was also approved by the Court of Queen's Bench of Alberta.
The arrangement will result in NOV Distribution acquiring all of the issued and outstanding common shares of CE Franklin for cash consideration of CAD$12.75 per share.
The arrangement is expected to be completed on or about July 18.
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