All systems go for Geoex’s MCG takeover
Geophysical and geological services company Geoex has completed the voluntary offer to acquire all outstanding shares in the marine seismic data provider MultiClient Geophysical (MCG).
Geoex’s voluntary cash offer for all outstanding shares of MCG was made on January 19, 2017, offering NOK 1.40 per share valuating the total share capital of MCG at approximately NOK 130 million.
In addition to the one from Geoex, MCG had had another takeover offer, made by Spectrum. However, Spectrum withdrew its bid in mid-February as Geoex’s bid was higher and it got support from MCG’s board.
The acceptance period under the Geoex offer expired on Wednesday, March 29.
Following expiry of the acceptance period, Geoex has received acceptances of the offer from shareholders holding 85,802,501 shares in MCG, representing approximately 92.4% of the issued and outstanding shares in MCG.
Geoex therefore confirmed on Thursday that the conditions for completion of the offer have been satisfied and/or waived by Geoex and that Geoex will complete the offer.
Settlement of NOK 1.40 per share in MCG will be made to the accepting shareholders within 14 calendar days, i.e. no later than on April 13, 2017.
Following completion of the offer, the company intends to carry out a compulsory acquisition of the remaining shares in MCG and have the shares of MCG delisted from the Oslo Axess.