National Oilwell Varco make bid to acquire NQL Energy Services
  by: OilOnline
  Monday, October 23, 2006

NQL Energy Services Inc. and a Canadian subsidiary of NOV have entered into a pre-acquisition agreement pursuant to which a Canadian subsidiary of NOV has agreed to make an offer to acquire all of the issued and outstanding common shares of NQL for cash consideration of C$7.60 per share by way of a take-over bid. NQL has approximately 45.5 million common shares outstanding (on a fully diluted basis), representing a total transaction value of approximately C$345 million.

The offer represents a 26 percent premium over the closing price of NQL's common shares on the Toronto Stock Exchange on October 20, 2006 and a 37 percent premium to the volume weighted average trading price of NQL's common shares on the Toronto Stock Exchange for the 10 previous trading days ending October 20, 2006.