French data and seismic equipment firm CGG rejected a $1.8 billion buyout offer from Technip Thursday.
CGG said it received an unsolicited bid but could not accept it because conditions needed to green light the deal “were not met.”
The company did not disclose details about the offer or its rejection.
Paris-based Technip said it would like to enter into a “constructive dialogue” with CGG.
Technip was offering $10.42 per share in cash for the acquisition.
“This combination would create a unique value proposition in our industry, offering technology, engineering, equipment and project management from the reservoir across the entire production system,” Technip said.
If the two companies merged CGG’s marine seismic business would remain a stand-alone company.
Technip first approached CGG on November 10.
Technip said it was “confident” the deal can be completed “under conditions that create value for its shareholders, while maintaining a strong balance sheet and its current credit rating.”
Technip has not indicated if it will place another bid for CGG.