Technip offered 8.3 euros per CGG share on Nov. 10, 2014 (28% premium), and the offer was rebuffed by CGG on Nov. 20, 2014. That offer looks pretty good on its own, but if you factor in the 32x share consolidation since then it works out to 265.6 euros per share. Compare that to the closing price of 3.03 euros today. Technip's offer valued CGG at 1.47 billion euros, and today it has a market value of just over 67 million euros!
And still no changes at the top...
Technip had an offer. It was a good one. The only thing that scuppered it was the Executive Committee (COMEX) arrogance. They were not interested in any of Technip's proposals. Heads in the clouds as usual. I wonder what reality feels like now? More than a little uncomfortable you would think. If only they could turn back the clocks - what would they change? Actually, nothing, because they are unable to change and I guess they are still just as arrogant. I should think they have consoled themselves in agreement that this mess is the employees' fault. If only they had better staff.
Technip won't waste money.