The first part of Turner’s process to expand from energy exploration to a holding company was to evaluate a number of potential businesses that may be a quality acquisition or investment by Turner. Due to this process and ultimately pivoting in acquisition strategy, it was decided that 2 of the companies that were originally targeted for a LOI (letter of intent) in the second half of last year were not in the best interests of the company. The company is now in talks with at least three companies and is working closely with a full service banking partner who has had to do their due diligence in making sure that they are viable and profitable companies that would fit well into Turner. The company feels though that things are close to being finished with this process and looks to make announcements soon.
There have been a series of target deals introduced previously about acquiring companies. Based on these updates it seemed that the first major acquisition would have happened last fall at the latest based on previous company updates. What happened?
Mar 11, 2017