France’s Technip backed away from its $1.82 billion offer to acquire seismic survey company CGG Sunday after talks failed to yield a deal.
Last month, Technip offered France-based CGG $10.32 per share, a 27 percent premium over CGG’s closing price on November 19.
CGG rejected the initial unsolicited offer but said it “remained open to dialogue and studied all proposals.”
Technip approached the company with a series of alternative offers but CGG said it did not find the options “were creating value for the company and its stakeholders.”
Technip will not file a tender offer for CGG.