PARIS -- CGGVeritas has made an exchange tender offer for all of Wavefield Inseis ASA. CGGVeritas says it will offer one newly issued share for each seven shares of Wavefield. That puts the total value of the acquisition at$310 million.
According to the report, the Wavefield board of directors embraces the offer for the Norwegian seismic company with eight vessels and fiber optics based geophysical equipment.
The offer is expected to become effective upon regulatory and legal permits, which are expected around Nov. 24, 2008. At that point, the offer is set to expire at Dec. 12, 2008.