Norway’s Spectrum has dropped out of the race to acquire MultiClient Geophysical, after Geoex offered a bigger price tag for the company in a back and forth battle.
Following Geoex’s announcement on 2 February of an increased offer price of NOK 1.40 per share, and the announcement by the MCG board on 9 February of its decision to recommend to the shareholders of MCG to accept the improved Geoex offer, Spectrum said that it is evident that the conditions for completion of the offer 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,” the company said.
In late-January, Spectrum made its offer to acquire Multiclient Geophysical for US$13.94 million (NOK 116 million) or NOK 1.25 per share, in an attempt to outbid Geoex’s offer by some 19%.
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