Mullen closes Pe Ben buy

ALDERSYDE, Alta. — Canada Inc., an indirect subsidiary of Mullen Group Income Fund, has announced that approximately 2.7 million common shares of Pe Ben Oilfield Services Ltd. or about 84 percent of Pe Ben Shares have been purchased.

Mullen now indirectly owns 94 percent of the Pe Ben shares, increasing its stake by 84 percent. It also announces that it intends to acquire all the remaining outstanding Pe Ben Shares pursuant to the compulsory acquisition provisions of the Canada Business Corporations Act.

“We are very pleased to have been successful in our acquisition of Pe Ben, with the support of Pe Ben’s board and management. Pe Ben’s operations are complementary to those of Mullen and this acquisition should be a positive step for our unitholders,” stated Stephen H. Lockwood, president and Co-CEO of Mullen.

Mullen, one of Canada’s largest for-hire carriers, attempted a hostile takeover of Pe Ben last year. The oilfield company resisted and urged shareholders reject Mullen’s bid for about $12 a share.

In December, Pe Ben announced it would accept a revised offer which, among other things, increased the offer price to $18.50 per share in cash.