An anonymous director reports
SHAREHOLDERS OF CE FRANKLIN APPROVE ARRANGEMENT WITH NATIONAL OILWELL VARCO
The previously announced plan of arrangement
involving a wholly owned subsidiary of National Oilwell Varco Inc.,
NOV Distribution Services ULC, has been approved by more than 98 per cent of the votes cast by shareholders of
CE Franklin Ltd. The arrangement was also approved by the Court of
Queen's Bench of Alberta. The arrangement will result in NDS acquiring
all of the issued and outstanding common shares of CE Franklin for cash
consideration of $12.75 per share. It is expected that the
arrangement will be completed on or about July 18, 2012.
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 oil field services, and supply
chain integration services to the upstream oil and gas industry.