Cameron ‘remains neutral’ toward Schlumberger’s tender offer
Cameron, a provider of flow equipment products, systems and services to the oil and gas industry, has elected to express no opinion and remain neutral toward the offer by Schlumberger on March 22, 2016 to purchase up to $1.2 billion aggregate principal amount of the outstanding senior notes of Cameron.
Cameron’s announcement arrives after Chinese Ministry of Commerce (MOFCOM) cleared on Friday Schlumberger’s proposed merger of Cameron without any conditions, representing the last major closing condition to the proposed merger agreed in August 2015.
The tender offer is being conducted in connection with the proposed merger of Cameron with a wholly owned subsidiary of Schlumberger, pursuant to which Cameron will become a direct, wholly owned subsidiary of Schlumberger.
In a press statement on Monday, Cameron said: “Cameron believes that each noteholder should make its decision as to whether to tender on an individual rather than a collective basis, based on that noteholder’s particular circumstances. Cameron further believes the determination whether to tender is a financial decision to be made by each noteholder, in consultation with the noteholder’s financial advisor, based on the terms of the offer being made by SHC.”
The company further explained: “For these reasons, Cameron believes that it is not appropriate for it to make a recommendation to noteholders regarding the tender of their notes and expresses no opinion as to the course of action that noteholders should take.”