CGG, Veritas Extend Election Deadline
Compagnie Generale de Geophysique (CGG) and Veritas DGC, Inc. on Friday agreed to extend the deadline for holders of Veritas common stock who wish to elect the type of merger consideration they prefer to receive pursuant to the planned merger between Veritas and a subsidiary of CGG from 5 p.m., New York City time, on January 10, 2007, to 5 p.m., New York City time, on the following day, January 11, 2007.
Holders of Veritas common stock may elect to receive cash or CGG ADSs in exchange for each share of Veritas common stock, subject to pro-ration, as set out in the agreement and plan of merger dated as of September 4, 2006 and as described in the proxy statement/prospectus dated November 30, 2006 and first mailed to stockholders of Veritas on or about December 5, 2006.
The extension of the election deadline is due to January 2, 2007 not being a trading day on the New York Stock Exchange in honor and tribute to the memory of US President Gerald R. Ford. As a result, holders of Veritas' Floating Rate Convertible Senior Notes due 2024 who converted on December 21, 2006, would not, absent the extension, have become holders of record of Veritas' common stock prior to the election deadline.
Assuming the issuance of CGG ordinary shares underlying the CGG ADSs to be issued pursuant to the merger and related matters are approved by the shareholders of CGG and the agreement and plan of merger is approved by the stockholders of Veritas, and satisfaction of other customary conditions to closing, the proposed merger is still expected to close on or about January 12, 2007.
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Company: Veritas DGC more info
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