11:44 AM EST, 12/20/2024 (MT Newswires) -- (Updates shares.)

STEP Energy Services ( SNVVF ) late on Thursday said it and private-equity fund ARC Energy Fund 8 looking to take the oilfield-services company private for $5.00 per share terminated their agreement after failing to gain shareholder support.

STEP said the decision to terminate the deal came after it became clear that the required minority shareholder approval could not be achieved. The termination is without liability or cost to either party.

"This outcome does not change our strategy for 2025 and onward," said chief executive Steve Glanville.

The deal had been scheduled to close this month.

STEP shares were last seen down $0.73 to $4.18 on the Toronto Stock Exchange.

Price: 4.18, Change: -0.73, Percent Change: -14.87