PGS makes mandatory offer for Arrow SeismicNews // December 7, 2007
Petroleum Geo-Services (PGS) has announced that on December 2nd 2007, the Board at PGS decided to make a mandatory offer for, and to exercise its right to, conduct a compulsory acquisition of all remaining shares in Arrow pursuant to the Norwegian Public Limited Companies Act section 4-25.
PGS said it expected to send a Mandatory Offer Document and Notification of Compulsory Acquisition to all Arrow shareholders on December 4th, thereby formally initiating the offer period.
The decision to compulsory acquire will become effective as of the first day of the offer period in the mandatory offer. The Board of PGS will offer a redemption price of NKr 96 per share in Arrow, equal to the offer price in the mandatory offer.
The notification in the Norwegian Register of Business Enterprises electronic information system was expected to take place on December 4th, and the last day to object or reject the offered redemption price is February 4th 2008.