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FMC Technologies Inc To Acquire Pure Energy Services Ltd.

Monday, 20 Aug 2012 08:01am EDT 

FMC Technologies Inc (FMC) and Pure Energy Services Ltd. (Pure) announced execution of a definitive acquisition agreement under which FMC will acquire Pure for CAD11.00 per share in cash, or approximately CAD282 million ($285 million). Under the terms of the acquisition agreement, the acquisition will be accomplished by way of a plan of arrangement (the Arrangement) pursuant to the Business Corporations Act (Alberta). The proposed Arrangement is subject to certain conditions including, the approval by i) the holders of Pure shares and options representing at least two-thirds of votes cast in person or by proxy at the meeting of Pure shareholders to be held to approve the Arrangement; ii) the Court of Queen's Bench of Alberta; and iii) relevant regulatory authorities. Under the arrangement agreement, Pure has agreed that it will not solicit, initiate or participate in any discussions concerning any other acquisition proposals, subject to the ability of Pure to respond to superior proposals in certain circumstances. 

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4:01pm EDT