DRILLING

Favourable court ruling for SDS

Drilling equipment group SDS Corporation won a favourable court ruling last Friday in its battle to take over Bassendean-based rival International Drill Quip. In April, the two companies announced a "friendly" merger.

SDS said it had gained a WA Supreme Court injunction against International Drill Quip's holding company, Pasdonnay, to provide information requested by SDS to allow it to complete due diligence as well as prohibiting the target company from encumbering assets.

"SDS is looking forward to completing its due diligence investigations so it can assess its position under the business asset sale agreement," the company said in a statement to the Australian Stock Exchange.

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