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Western Energy Services ups its bid for Savanna Add to ...

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Western Energy Services Corp. has upped the ante in the takeover battle for Savanna Energy Services Corp.

Western said on Wednesday it has added a 21-cent-a-share cash sweetener to its friendly offer of 0.85 of a Western share for each Savanna share.

The increase puts the value of its bid at $254-million based on Wednesday market prices and adds some of the safety of cash, which is a feature of a hostile rival offer from Total Energy Services Inc. That bid is currently worth about $226-million.

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