Spectrum has decided to withdraw its bid for the takeover of the geophysical company MultiClient Geophysical, after the target company’s board recommended an offer filed by Geoex.
Geoex first launched its offer in January to acquire all outstanding shares in MultiClient Geophysical (MCG) at a consideration of NOK 1.20 per share. Spectrum then made a competing offer at a consideration of NOK 1.25 per share.
Geoex responded at the beginning of February by offering NOK 1.40 per share, valuating the total share capital of MCG at approximately NOK 130 million.
MCG then recommended the offer made by Geoex, deeming it fair and in the best interest of the company and its shareholders.
Following Geoex’s increased offer and MCG’s recommendation to accept it, Spectrum noted on Wednesday that it was evident that the conditions for completion of its offer cannot be fulfilled.
Therefore, Spectrum has resolved to withdraw its offer.
Offshore Energy Today Staff