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Pulse Data announces reduction of time for permitted bid under Shareholder Rights Plan in connection with Seitel offer
Pulse Data announces reduction of time for permitted bid under Shareholder Rights Plan in connection with Seitel offer.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, Sept. 25 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounces that it has reduced the time period for the Seitel Offer to be a\npermitted bid under Pulse's Shareholder Rights Plan (the "Plan") to today's\ndate.\n\n\nSuch decision does not, in any way, affect the Board's unanimous\nrecommendation that Pulse shareholders reject the Seitel Offer.\n\n\nThe determination to reduce the permitted bid time period for the Seitel\nOffer has been made as a result of a careful assessment by the Board of\nstrategic alternatives available to Pulse at the present time, including\npreliminary indications of interest from certain parties which have indicated\nprice levels superior to that which is being offered under the Seitel Offer,\nand maximization of shareholder value through the execution of the Company's\ncurrent business plan and future prospects. Pulse continues to seek and assess\nstrategic alternatives to maximize shareholder value.\n\n\nWith this reduction of the time period, the Plan continues to provide\nimportant protection to shareholders against a creeping take-over of the\nCompany, by requiring that any take-over offer must be accepted by\nshareholders holding a majority of the outstanding shares (other than those\nheld by the offeror).\n\n\nAt a meeting of Pulse shareholders held on September 21, 2007, the Plan\nwas overwhelmingly approved by shareholders.\n\n\nSeitel has made an application to the Alberta Securities Commission\nseeking an order to cease trade the Plan. A hearing before the Alberta\nSecurities Commission in respect of such application has been scheduled for\nSeptember 26, 2007.\n\n\nDisclaimer: Certain information contained herein may constitute\nforward-looking statements under applicable securities laws. Such statements\nare subject to known or unknown risks and uncertainties that may cause actual\nresults to differ materially from those anticipated or implied in the\nforward-looking statements. Investors are encouraged to review the "Risk\nFactors" section of the Management's Discussion and Analysis in the Company's\nmost recent Annual Report and interim reports for a discussion of risks that\ncould affect the Company's operations and financial results. Forward-looking\nstatements are based upon management's assumptions, expecta...