Wavefield Shoots Down Merger with TGS
At the extraordinary general meeting in Wavefield Inseis ASA held on Nov. 19, 2007, the board of directors was instructed to prevent the completion of the merger with TGS-NOPEC Geophysical Company ASA until the completion, to the satisfaction of Wavefield, of a further review of the causes of the revenue shortfall reported by TGS on Oct. 9, 2007. In addition, the general meeting invited TGS to propose a substantive improvement in the terms of the merger.
Following this general meeting, TGS has rejected Wavefield's request for any further review and any proposal for a substantive improvement in the terms of the merger.
In light of this, based on proposal from shareholders, the general meeting is asked to vote in favour of the following resolution:
"The general meeting deems that the terms for completing the merger have not been fulfilled.
"The board of directors of Wavefield, after input and deliberation with large shareholders, is instructed to prevent the completion of the merger and seek a termination of the merger either through an amicable agreement or an arbitration process according to the merger plan."
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Company: Wavefield Inseis AS more info
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