French oilfield services provider Technip has pulled out of CGG takeover talks.
Technip approached its compatriot CGG, a seismic acquisition specialist, with a view to making an offer on November 10, 2014 and announced its intents to the press on November 20.
At the time, the plan was for the proposed transaction to take the form of a public tender offer in cash for CGG’s shares at a price of 8.30 euros per share.
According to Technip, a number of alternative options were put forward to a tender offer, however the discussions of those options did not result in an agreement.
The company reports that under these circumstances, it does not intend to file a tender offer for CGG.
CGG said in the statement that, since the beginning of the approach, it remained open to dialogue and studied all proposals of Technip taking into account the interests of its shareholders, clients and employees. According to CGG, the board considered that none of the proposed options were creating value for the company and its stakeholders.