Fox Paine Completes Acquisition of Paradigm Geophysical
Paradigm Geophysical Ltd. has completed its previously announced transaction with Paradigm Geotechnology B.V. As a result, Paradigm Geotechnology B.V. has acquired 100% of the outstanding Paradigm shares.
Under the terms of the definitive agreement relating to the transaction, which was approved by Paradigm's shareholders on June 13, 2002 by a majority of 98.2% of shareholders voting at a special shareholders' meeting, the outstanding shares of Paradigm have been acquired for US $5.15 per share in cash, which reflects a premium of 37.8% over Paradigm's average closing price of US $3.74 during the ninety-day period ended May 21, 2002, the date that the definitive agreement was executed. Paradigm has applied to have its shares delisted from the Nasdaq National Market and from the Tel Aviv Stock Exchange. Paradigm Geotechnology B.V., a company formed to invest in energy related technology and services firms, is owned by a non-U.S. limited partnership organized by affiliates of Fox Paine & Company, LLC, a San Francisco-based private equity investment firm.