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>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 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 31

SPE/IADC Middle East Drilling Technology Conference and Exhibition

The theme for this conference is “Building on Today’s Efficiencies for Tomorrow’s Market.” This will be the basis for the technical agenda…

read more >

The World Future Energy Summit (WFES) 2018

WFES will also hold its annual conference, which sees international government and business experts come together to discuss critical global…

read more >

HYPACK 2018

This training event will offer instruction on the newest features of HYPACK® 2018 as well as comprehensive training for both novice…

read more >

8th Myanmar Oil, Gas & Power Summit

The Myanmar Oil and Gas Summit is the longest established Oil & Gas event in Myanmar. Every year the event is attended by government…

read more >