Vancouver, B.C., Canada (April 6, 2011) Clearlease.com Reports today that Peak Energy Services Ltd. (TSX:PES) has agreed to a $200-million takeover offer from Clean Harbors, Inc. (NYSE:CLH), a Boston-area company that provides environmental, energy and industrial services.
The offer of 95 cents per share is 28 per cent above Tuesday’s closing price for Peak’s shares on the Toronto Stock Exchange.
Peak’s board of directors is in support of Clean Harbor’s takeover proposal and has scheduled a shareholder meeting to vote on the deal for May 25.
About 53.6 per cent of Peak’s outstanding shares, held by Deans Knight Capital Management as well as Peak’s directors and officers, have been pledged in support of the transaction.
To pass, the deal requires two-thirds of the votes cast at the meeting.
Peak has agreed to pay up to $7.3 million to the U.S. company under certain circumstances while Clean Harbour will pay up to $4.5-million to the Calgary company in other situations if the deal is completed.
Peak Energy Services Ltd. is a diversified energy services organization operating in western Canada and the United States of America. It provides drilling and production services in the oil and natural gas industry and water technology solutions to customers in North America.
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