Friday, Expro International Group PLC (EXR.L) said that on 17 April 2008, the Board of Umbrellastream and the Independent Directors of Expro reached an agreement on the terms of a recommended cash acquisition of the entire issued and to be issued share capital of Expro by Umbrellastream, to be effected by means of a court-sanctioned scheme of arrangement under part 26 of the Companies Act. It is currently expected that the Scheme would become effective on 26 June 2008.
As part of the announcement of the acquisition on 17 April 2008, Expro confirmed that as at that date a party continued to conduct due diligence on Expro. On 18 April 2008, Halliburton Company confirmed that it had been in discussions with the Board of Expro which may or may not lead to an offer being made for Expro.
Furthermore, Halliburton announced that any such offer, if made, would be solely in cash and at a premium to the price per share proposed to be offered by Umbrellastream.
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