U.C.E. Synttech Holdings Limited completed the acquisition of an additional 26.03% stake in IG Seismic Services PLC from Industrial Investors and others for approximately $81.3 million.
If the offer becomes unconditional, the existing employment rights and terms and conditions of employment, including pension obligations, of employees of IGSS will continue to be safeguarded. Synttech does not currently intend to make any material change in the conditions or location of employment of IGSS employees, nor does it currently intend to change the location of IGSS's and Synttech's places of business or re-deploy IGSS's fixed assets. If the offer becomes unconditional Synttech intends to continue trading of IGSS GDRs on London Stock Exchange's main market for listed securities.
The offer will be subject to valid acceptances being received in respect of such number of IGSS shares which, together with the IGSS shares acquired or agreed to be acquired by Synttech or parties acting in concert with Synttech before or during the offer period will result in Synttech and any person acting in concert with it holding IGSS shares carrying more than 50% of the voting rights then normally exercisable at a general meeting of IGSS, approval by antitrust authorities. The offer will lapse if the acquisition by Synttech of IGSS is either referred to the Competition Commission or results in the European Commission. On January 30, 2014, the independent directors, unanimously recommend that shareholders of IG Seismic Services reject the offer. As of February 12, 2014, shareholding of 54.3% was validly received and the offer was declared unconditional. Offer will remain open for acceptance till February 26, 2014. As of February 27, 2014, Synttech received valid acceptances in respect of 5.4 million shares representing 26.03% stake of IG Seismic's shares and approximately 37.08% of the IG Seismic's shares to which the offer relates.
Bob Maguire, Giacomo Rossi and Alix Tumilty Whent of Perella Weinberg Partners UK LLP acted as the financial advisors to the directors of IG Seismic Services PLC. Mike Schmidt, Alexey Goncharenko and Sandip Dhillon of UBS Investment Bank acted as the financial advisor to Synttech. Graeme Sloan and Richard Butterwick of Latham & Watkins LLP acted as the legal advisors to U.C.E. Synttech Holdings Limited. Jessamy Gallagher, John Tucker, Michael Bott, Alex Lehtinen, Richard Bore, Heather Gibbons, Lee Federman, Gurminder Muker, Daria Semenikhina and Bianca Mawani of Linklaters acted as legal advisors for UBS Investment Bank.
U.C.E. Synttech Holdings Limited completed the acquisition of an additional 26.03% stake in IG Seismic Services PLC (LSE:IGSS) from Industrial Investors and others for approximately $81.3 million on February 26, 2014.