LONDON (Alliance News) - IG Seismic Services PLC Thursday urged shareholders to decline the takeover offer from UCE Synttech Holdings Ltd, saying it is not in its shareholders' interests.
The company said it was making the recommendation after non-executive chairman Sergey Generalov and non-executive directors Peter O'Brien, Dmitry Lipyavko, Boris Aleshin, Felix Lubashevsky and Maurice Dijols came to the conclusion that it wasn't in shareholders' favour.
"The independent directors recommend that shareholders do not accept the offer and take no action in respect of their shareholding," the company said in a statement.
The response comes after more than two months of deliberation.
On November 27, IG Seismic said it was considering an offer from Synntech, which is owned by IG Seismic Services Chief Executive Nikolay Levitskiy and a number of his family trusts.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Ig Seismic S (IGSS)