Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/spot_news/cggveritas-final-ok-to-offer-310m-for-wavefield.shtmlCGGVeritas final OK to offer $310M for Wavefield
Norwegian competition bureau has given the greelight for Paris-based survey outfit CGGVeritas to buy up all the equity ...
Norwegian competition bureau has given the greelight for Paris-based survey outfit CGGVeritas to buy up all the equity in Norway-based seismic outfit Wavefield Inseis in a $310 million share deal.
The deal values Wavefield at $310 million and would produce “earnings and cash flow” plus a strengthened technology company.
Wavefield recentl emerged from a settlement with TGS Nopec that incurred some losses. CGGVeritas was quick to put in an offer after Wavefield’s arbitration battles with TGS were over.
The France-based company’s voluntary offer for Wavefield is one CGG share per seven Wavefield shares, good for 31 percent better than the closing Wavefield share price on Nov. 7, 2008.