Paradigm Geophysical (Nasdaq: PGEO) announced today that San Francisco-based investor Fox Paine & Company had completed the acquisition of 100% of its shares.
The Herzliya-based provider of information services to the oil and gas industry has applied to have its shares delisted from the Nasdaq National Market and the Tel Aviv Stock Exchange.
Under the terms of the agreement, which was approved by Paradigm's shareholders on June 13, 2002, Paradigm was acquired for $5.15 per share in cash, which reflects a 37.8% premium over Paradigm's average closing price of $3.74 during the ninety-day period ended May 21, 2002.
Fox Paine manages investment funds in excess of $1.5 billion, providing equity capital for corporate acquisitions, company expansion and growth programs and management buyouts. The Fox Paine funds are managed on behalf of over 50 international financial institutions, including major governmental and corporate pension systems, Fortune 100 companies, insurance and reinsurance companies, and commercial banks.
Paradigm shares closed on Nasdaq at $5.121 on Monday.
Published by Globes [online] - www.globes.co.il - on 13 August, 2002