WILKS BROTHERS RAISES HOSTILE OFFER FOR CALFRAC

Calfrac Well Services Ltd investor Wilks Brothers LLC on Monday raised its hostile bid for the oilfield services company to as much as 25 cents per share from a prior 18 cents. Calfrac last month rejected the prior offer and said it was sweetening its recapitalization plan to reduce debt, at a time when its market value has shrunk to about $22.5 million since the crash in fuel demand caused by the COVID-19 pandemic. Calfrac declined to comment on the sweetened offer. Its shares rose 3.5 cents to 19 cents in mid-afternoon trading. Wilks Brothers, led by oil billionaires Dan and Farris Wilks, has been trying to buy Calfrac's U.S. business since July. The investor group said its new offer would go up to 25 Canadian cents per share, provided the total deal amount does not exceed $21.1 million.