Spectrum ASA: Competing voluntary offer to acquire MultiClient Geophysical ASA withdrawn and received acceptances released
February 15 2017 - 4:45AM
Oslo, 15 February 2017. Reference
is made to the voluntary offer (the "Offer") by Spectrum ASA
("Spectrum", the "Company", ticker code: "SPU") to acquire all the
issued and outstanding shares in MultiClient Geophysical ASA
("MCG") at a consideration of NOK 1.25 per share (the "Offer
Price") as announced on 24 January 2017 and as further described in
the voluntary offer document (the "Offer Document") dated 1
February 2017. Capitalised terms used in this announcement shall
have the same meaning as set out in the Offer Document.
Following the announcement on 2
February 2017 by Geoex Ltd. regarding the increase of the offer
price under the Geoex Offer and the announcement by the MCG board
on 9 February 2017 of its decision to recommend to the shareholders
of MCG to accept the improved Geoex Offer, Spectrum notes that it
is evident that the conditions for completion of the Offer, as
described in section 4.2 of the Offer Document, cannot be
fulfilled. 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.
This announcement has been issued
by Spectrum after review by Oslo Børs.
For further queries, please contact:
Rune Eng; CEO and President
Email: Rune.Eng@Spectrumgeo.com
Mobile phone: +47 91 57 09 45
Henning Olset; CFO
Email: Henning.Olset@Spectrumgeo.com
Mobile phone: +47 92 26 69 48
Sondre Vevstad; Danske Bank
Email: sondre.vevstad@danskebank.com
Mobile phone: +47 93 65 45 55
About Spectrum
Spectrum provides innovative
Multi-Client seismic surveys and seismic imaging services to the
global oil and gas industry from offices in Norway, the UK, USA,
Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum
designs, acquires and processes seismic data to deliver high
quality solutions through its dedicated and experienced workforce.
Spectrum holds the world's largest library of Multi-Client 2D
marine seismic data and a significant amount of 3D seismic. The
company's strategy focuses on both the major, established
hydrocarbon-producing regions of the world as well as key frontier
areas identified by our experienced team of geoscientists. The
Spectrum library of Multi-Client data contains projects from many
of the foremost oil producing regions of the world. These include
new acquisition, reprocessing and interpretation reports.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Spectrum ASA via Globenewswire
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