By Lisa Kerner
Charlotte, N.C., Feb. 14 - Seitel, Inc. said it closed the merger with Seitel Acquisition Corp. and Seitel Holdings, Inc., an investment entity controlled by ValueAct Capital Master Fund, LP, and settled the tender offer for its 11¾% senior notes due 2011.
Stockholders approved the merger, which was originally announced on Oct. 13, at a special meeting on Feb. 9., according to a company news release.
Under the merger agreement, stockholders will receive $3.70 in cash for each share of Seitel common stock.
The tender offer ended on Feb. 13, with $187 million, or 98.94%, of the notes tendered.
Houston-based Seitel and its subsidiaries provide seismic data and geophysical services to the oil and natural gas industry.
| Acquirer: | ValueAct Capital Master Fund, LP through Seitel Holdings, Inc.
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| Target: | Seitel, Inc.
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| Payment per share: | $3.70
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| Announcement date: | Oct. 13
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| Closing date: | Feb. 14
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| Stock price for target: | OTC BB: SELA; $3.69 on Feb. 14
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