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Ensign Energy Tender Gets Over 50% Of Trinidad Shares, Precision Ends Bid

Canada’s oilfield services provider Ensign Energy Services Inc. said on Nov. 27 about 56% of Trinidad Drilling Ltd.’s shares have been tendered in its hostile offer, with rival bidder Precision Drilling Corp. walking away. Precision and Trinidad’s shares both closed up more than 2.5%, while Ensign ended down 8.8%. Ensign said the tendered shares helped meet the statutory minimum condition for its C$947-million hostile offer. The company now owns 66.18% of Trinidad shares, including stock in the company it previously owned.
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