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.