CALGARY,
July 19, 2012 /PRNewswire/ -
National Oilwell Varco, Inc. (NYSE: NOV) ("NOV") and
CE Franklin Ltd. (NASDAQ: CFK; TSX: CFT) ("CE
Franklin") announced today that NOV Distribution Services ULC
("NDS"), a wholly-owned subsidiary of NOV, has completed its
previously-announced acquisition of CE Franklin pursuant to a plan
of arrangement. The arrangement resulted in NDS acquiring all of
the issued and outstanding common shares of CE Franklin for cash
consideration of CAD$12.75 per
share.
The arrangement was approved by the shareholders
of CE Franklin and by the Court of Queen's Bench of Alberta on July 16,
2012. Articles of Arrangement have been filed by CE
Franklin with the Registrar of Corporations for the Province of
Alberta (pursuant to section 193
of the Business Corporations Act (Alberta)) and the arrangement became effective
today.
Pursuant to the arrangement, NDS paid an
aggregate of approximately CAD$239
million to acquire CE Franklin. CE Franklin is now a
wholly owned subsidiary of NDS.
The common shares of CE Franklin are expected to
be voluntarily delisted from the TSX and NASDAQ by the end of
July 2012.
About CE Franklin
For more than 75 years, CE Franklin has been a
leading supplier of products and services to the energy industry.
CE Franklin distributes pipe, valves, flanges, fittings, production
equipment, tubular products and other general oilfield supplies to
oil and gas producers in Canada as
well as to the oil sands, refining, heavy oil, petrochemical,
forestry and mining industries. These products are distributed
through its 39 branches, which are situated in towns and cities
serving particular oil and gas fields of the western Canadian
sedimentary basin.
About NOV
National Oilwell Varco is a worldwide leader in
the design, manufacture and sale of equipment and components used
in oil and gas drilling and production operations, the provision of
oilfield services, and supply chain integration services to the
upstream oil and gas industry.
Forward-looking Statements: The
information in this news release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934;
within the meaning of Canadian securities law and other applicable
securities legislation. All statements, other than statements of
historical facts, that address activities, events, outcomes and
other matters that CE Franklin plans, expects, intends, assumes,
believes, budgets, predicts, forecasts, projects, estimates or
anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. These
forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome
and timing of future events. When considering forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements and refer to the Form 20-F or our annual
information form for further detail.
SOURCE CE Franklin Ltd.