14.08.2007 – 08:05
Everest Opposes Terms of Wavefield
TGS Merger Proposal
Hamilton, Bermuda (ots/PRNewswire)
Everest Capital Ltd., in a letter to the Chairman of the Board of the Norwegian marine geophysical company, Wavefield Inseis ASA, has urged the firm to appoint advisors to assist in maximizing shareholder value. In the letter dated August 10, Everest suggested it either put the company up for sale or persuade TGS-NOPEC, with whom there is an existing merger agreement, to materially improve the terms of its offer by increasing the exchange ratio and add additional cash payments to Wavefield Inseis shareholders to better reflect the unique value of Wavefield Inseis and its assets.
Everest believes that under present terms, the offer significantly undervalues Wavefield Inseis, and would vote against the proposed combination. Rather than accepting those terms, Everest would prefer for the company to stay independent and continue executing the current business plan as a stand-alone company. As a result, shareholders would be able to reap the full benefits and rewards of the investments that have already been made.
About Everest Capital Ltd.
Everest Capital, a global multi-asset, multi-strategy manager, was founded in 1990 and manages more than US$2.6 billion for institutional clients such as pension funds, endowments, charitable foundations and high-net-worth families through investments in hedge funds and separate accounts. Its global investment focus is reflected in the fact that more than half the firm's 50 professionals and support staff come from outside the US and are fluent in languages including Arabic, Cantonese, French, German, Hungarian, Japanese, Malay, Mandarin, Portuguese, Serbo-Croat and Spanish.
The firm has its headquarters in Hamilton, Bermuda, and also has offices in Miami, Geneva, Singapore and Shanghai.
Web site: http://www.everestcapital.com
Malcolm Stott of Everest Capital Ltd., Hamilton, Bermuda,