Canadian oilfield services provider Savanna Energy Services is opening a data room this month in the hope of attracting new investors, partners, or a potential buyer.
The Calgary-based service provider has initiated a “strategic alternatives process” after its board last month unanimously rejected a C$164-million (US$124 million) hostile takeover bid from rival, Total Energy Services.
Since Total Energy Services initially made its intentions public in November, Savanna said it has received interest from other buyers offering to pay more than the “inadequate” price offered.
“Savanna
