Core Points - STEP Energy Services Ltd. has received a non-binding offer from ARC Financial Corp. to acquire 100% of the issued and outstanding common shares not currently owned by ARC at a price of $5.50 per share [2][4] - ARC Financial Corp. currently owns 55.22% of STEP's common shares [2] - STEP's board has formed a special committee of independent directors to review the offer and has engaged financial and legal advisors for this process [3] Company Overview - STEP Energy Services Ltd. is an energy services company providing coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing solutions [5] - The company has evolved since its founding in 2011 into a North American service provider, focusing on completion and stimulation services primarily in Canada and the U.S. [6] - STEP operates in key regions such as the Western Canadian Sedimentary Basin and the Permian Basin in the U.S. [6] Corporate Governance - The special committee formed by STEP's board includes independent directors Edward LaFehr (Chair), James Harbilas, and Rachel Moore [3] - Legal and financial advisors have been appointed to assist the special committee in evaluating the offer [3]