11:53 AM EDT, 09/25/2025 (MT Newswires) -- STEP Energy Services ( SNVVF ) said Thursday that it received a nonbonding takeover offer from ARC Financial.

ARC intends to acquire shares in STEP that it does not already own for $5.50 apiece. Funds managed by ARC currently own or exercise control or direction over 55.22% of the issued and outstanding common shares of STEP.

STEP's board formed a special committee of independent directors comprising Chair Edward LaFehr, James Harbilas and Rachel Moore to review and consider the offer.

STEP said it has not made any decisions on the offer, and there is no assurance that any binding offer will be received or any definitive agreement will be executed.

STEP's share price at last look soared 27.3% to $5.42 on the Toronto Stock Exchange in early Thursday trading.

Price: 5.42, Change: +1.16, Percent Change: +27.23