Canada's Total Energy Services has reiterated its view that its previous proposal to acquire compatriot Savanna Energy Services is still better than the deal that was ultimately agreed with Western Energy Services and announced on Thursday.
Savanna and Western Energy said earlier on Thursday that they would combine in a C$533 million (US$394 million) all-share deal.
However, Total, which has long been in pursuit of Savanna, said later in the day that after looking at the proposed merger, it believes the proposed deal "represents a far less compelling transaction for Savanna shareholders than a combination with Total Energy".
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