Veritas DGC Inc. and Enertec Resource Services Inc. Announce Business Combination.HOUSTON--(BUSINESS WIRE)--April 5, 1999--Veritas DGC DGC Directors Guild of Canada DGC Distributed Garbage Collector DGC Dystrophin-associated Glycoprotein Complex DGC Data General Corporation DGC Dakota Gasification Company DGC Dirección General de Caminos (Guatemala) Inc. (NYSE NYSE See: New York Stock Exchange :VTS See VOB and virtual tape system. VTS - A suite of test programs for Motif from OSF. )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :VTS) and Enertec Resource Services Inc. (TSE:ERS ERS, n.pr See extended rotated side-bent. ) jointly announced today the execution of a business combination agreement. The terms of the agreement provide for the exchange by Veritas of 0.345 of a Veritas share for each Enertec share. Following the arrangement, the former Enertec stockholders would own approximately 9.5% of the outstanding shares of Veritas. Based on current market price, the transaction is valued at approximately US$33.5 million. The arrangement has been approved by the Board of Directors of each company and is now subject to regulatory and court approval as well as shareholder approval at meetings expected to be held in June 1999. Enertec is a Calgary-based provider of seismic data land acquisition services, seismic data processing services, and marine geophysical surveys and positioning services for both production and engineering purposes. Veritas DGC Inc., headquartered in Houston, is a leading provider of land, transition zone and marine-based seismic data acquisition services, seismic data processing services, and multi-client data sales to the petroleum industry worldwide. Veritas operates in selected markets worldwide and, based on revenues, is the fifth-largest geophysical services provider. |
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