CGGVeritas has announced the closing of its mandatory offer for the 38,903,024 shares of Wavefield Inseis (representing 30.1% of the share capital) that it did not own, as well as the 2,892,875 shares that might be created following the exercise of the existing stock options.

CGGVeritas will hold, upon settlement of the offer, more than 97% of the share capital and the voting rights of Wavefield.

In accordance with applicable laws and regulations and as set forth in section 2.17 of the offer document relating to the Offer, considering CGGVeritas owns more than 90% of the shares of Wavefield, CGGVeritas intends to launch a compulsory acquisition (Squeeze-Out) of the remaining shares of Wavefield.

Tags: CGGVeritas, Wavefield InSeis ASA