Savanna Energy Services Corp (SVY.TO) said on Friday its board unanimously rejected an unsolicited buyout offer from fellow oilfield services provider Total Energy Services Inc (TOT.TO) as it "significantly" undervalued the shares of the company.
Calgary-based Savanna Energy said the offer, for 0.13 of Total Energy's shares for each Savanna share, was not in the best interests of its shareholders and advised them to reject it.
Savanna said last week it had received interest from other potential bidders after Total Energy went hostile with its offer to buy the company.
Total Energy had first made a proposal to buy Savanna in November, offering 0.1132 of its shares for each Savanna share. The company earlier this month raised its offer to 0.13 of its shares and took it directly to Savanna's shareholders.
Savanna Energy had a market value of about C$232.9 million ($172.07 million) as of Thursday's close.
Total, whose shares closed at C$14.75 on Thursday, was valued at about C$456.1 million.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Martina D'Couto)