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Deadline nears for Savanna shareholders to make decision on Total Energy’s bid Add to ...

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Total Energy Services Inc.’s $225-million hostile takeover of Savanna Energy Services Corp. appeared near-assured last month, but shareholders are facing another prompt to make a choice this week as the Total offer winds down.

Total Energy is offering 0.13 of one of its shares, plus 20 cents in cash, for each Savanna share, and has more than 50 per cent of Savanna shares sewn up. But the goal is 100-per-cent share ownership and privatization of Savanna – which has struggled alongside other oil field services firms with the crude price drop and the resulting plunge in activity.

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