Spectrum Bids for MultiClient Geophysical

Spectrum has made an offer to acquire all the issued and outstanding shares in MultiClient Geophysical (MCG) at a consideration of NOK 1.25 per share (offer price).

The offer values the total share capital of MCG at NOK 116 million.

Prior to Spectrum’s announcement of the offer, Geoex Limited made a voluntary offer on MCG on January 19, 2017.

The offer price represents a premium to the Geoex offer of approximately 19% vs. the announced cash consideration of NOK 1.05 per share payable upon completion of the transaction and a 4% premium to the total announced consideration of NOK 1.20, including the deferred payment of NOK 0.15 per share.

The company is in the process of finalizing an offer document setting out the complete terms. The offer document will be sent to MCG’s shareholders as soon as it has been reviewed and approved by the Oslo Stock Exchange, Spectrum said.

According to the MCG statement, the board of directors of MCG will no later than one week before expiry of the offer period, issue its statement to the shareholders of MCG related to the offer in accordance with the Norwegian Securities Trading Act section 6-16.

The offer period is expected to start early February 2017, pending approval from the Oslo Stock Exchange. The offer period is expected to be two weeks, and may be extended.

Upon the completion of the offer, Spectrum intends to proceed with a compulsory acquisition of the remaining shares in MCG. In addition, the offeror will seek to have the MCG shares delisted from the Oslo Stock Exchange.

Danske Bank is acting as financial advisor to Spectrum and will act as receiving agent for the offer. Advokatfirmaet Haavind is acting as legal adviser to Spectrum.

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