Ensign Energy Services is proceeding with an unsolicited bid for Trinidad Drilling that was recently deemed unacceptable by Trinidad’s board.
Ensign is offering $1.68 per common share of the company, the same offer it put forward informally and had rejected in mid-August.
Trinidad announced it had completed a strategic review on August 1. The company had sought offers for a merger or sale in order to enhance shareholder value, but was unsuccessful and decided to maintain course. Ensign did not participate in the strategic review process, Trinidad said.
Ensign already owns 9.8 percent of Trinidad’s shares, the company said on Thursday. Trinidad has not yet publicly responded to the formal bid.