Geoex Outbids Spectrum in MCG Acquisition

Norwegian multi-client seismic data specialist, Spectrum, has decided to withdraw the offer to acquire all the issued and outstanding shares in MultiClient Geophysical (MCG).

The withdrawal follows the increase of the offer price by Geoex, a company bidding along Spectrum to acquire all outstanding shares in MCG.

The important factor in the decision was the announcement by MCG board to recommend to the shareholders to accept the higher Geoex offer, Spectrum noted.

“Spectrum has therefore resolved to withdraw the offer and that all acceptances received under the offer shall be released with immediate effect. Any blocking in VPS of MCG shares held by shareholders that have already accepted the offer will be released,” the company said.

To remind, Spectrum made an offer to acquire all the outstanding shares at a consideration of NOK 1.25 per share, compared to the initial offer of Geoex of NOK 1.20 per share.

The new offer by Geoex increased to NOK 1.40 per share.

Share this article

Follow Subsea World News

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

IADC World Drilling 2017 Conference & Exhibition

This event showcases products like Cutting edge, drilling technology, well control, health, safety, environment, training and environment industry…

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

SPE Offshore Europe 2017

Attending SPE Offshore Europe, recognised by offshore E&P professionals as Europe’s leading E&P exhibition and conference, will ensure…

read more >