Business
Seitel Extends Offer and Addresses Pulse Data's Misleading Shareholder Communications
Seitel Extends Offer and Addresses Pulse Data's Misleading Shareholder Communications.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, October 9 /CNW/ - Seitel, Inc.'s $3.30 per share cash offer for\nPulse Data Inc.'s (TSX: PSD, PSD.TO) common shares has been extended until\nmidnight (Vancouver time) on October 19, 2007 in order to address Pulse Data's\nmisleading shareholder communications. Seitel's offer materials also have been\nrevised to reflect Seitel's intention to deliver $3.30 per share in cash to\nall tendering shareholders and to exclude only extraordinary dividends that\nPulse Data might declare in an attempt to disrupt the take-over bid process.\n\n\nAs stressed in previous press releases, $3.30 in cash per share is\nSeitel's best and final offer. Pulse Data shareholders should not expect any\nfurther increase in the offer or extension of the take-over bid time period.\nIf Seitel's $3.30 per share cash offer is not accepted by shareholders on\nOctober 19, Seitel's controlling shareholder, ValueAct Capital, has advised\nthat it intends to sell its entire 7.4 million share (13.5%) ownership\nposition in Pulse Data on the open market.\n\n\nSeitel recommends that Pulse Data shareholders seriously consider this\npremium all-cash offer and wishes to address several misleading communications\nfrom Pulse Data's management to its shareholder base:\n\n\n-- On September 25, in an attempt to persuade its shareholders not to\naccept Seitel's premium all-cash offer, Pulse Data issued a press release in\nwhich it claimed it possessed "preliminary indications of interest" from other\ninterested acquirers. In fact, only one day later, Pulse Data's counsel, in\nfront of the Alberta Securities Commission ("ASC"), stated that "there is no\nauction" for Pulse Data at this time. During the hearing, the Chair of the ASC\npanel noted "there doesn't appear to be any other white knights out there or\nbidders out there" and recorded in the panel's decision that "No alternative\nbid or transaction has emerged since the offer was made some 45 days ago."\n\n\n-- As noted in Pulse Data's Directors' Circular dated August 24, 2007,\nSeitel first privately approached the Pulse Data board of directors over three\nmonths ago with an interest in negotiating a change-of-control transaction and\nwas summarily rejected without any negotiations occurring. Seitel subsequently\npresented its offer directly to shareholders an...