30 Jan 2007listing compliance notice● NeutralMajor
CGG HOLDING (U.S.) INC.'s exchange filed to remove a class of its securities from listing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Jan 2007listing compliance notice▼ BadMajor
CGG HOLDING (U.S.) INC. terminated the registration of a class of securities, ending its reporting obligation for them.
11 Jan 2007capital raising announcement● Neutral
In the weeks before the CGG deal closed, holders of $130.5 million of Veritas's convertible notes converted them into cash and stock at the notes' fixed $24.03 conversion price, cashing in ahead of the merger's completion.
20 Nov 2006business combination▲ Good
The US government's CFIUS panel completed its national-security review of the pending CGG acquisition, clearing one of the deal's key remaining regulatory hurdles.
5 Sept 2006business combination▲ GoodMajor
France's Compagnie Générale de Géophysique (CGG) agreed to acquire Veritas DGC for about $1.5 billion, split roughly 51% CGG stock and 49% cash - Veritas shareholders could choose $75.00 cash or 2.2501 CGG American Depositary Shares per share - pending shareholder and regulatory approval; Veritas also amended its poison pill so the deal itself wouldn't trigger it.
28 Mar 2006material agreement● Neutral
Veritas raised executive base salaries again, including CEO Pilenko's to $515,000, continuing the annual pay increases begun the prior year.
9 Feb 2006material agreement▲ GoodMajor
Veritas signed a new five-year, $85 million revolving credit facility spanning the US, Canada, Singapore and the UK, led by Wells Fargo and secured by its receivables, subsidiary stock and its US seismic land-data library.
18 Jan 2006business combination● Neutral
Veritas accelerated the buyout of the last minority shares in its Canadian subsidiary Veritas Energy Services - stock originally issued to outside holders in Veritas's 1996 combination with that business and its 1999 purchase of Enertec Resource Services - and will own it outright once the redemption closes in May 2006.
18 Oct 2005material agreement● Neutral
Veritas set fiscal 2006 incentive targets - 50% to 75% of salary - for senior executives under its Global Management Incentive Plan, the broader bonus program it had adopted in mid-2004.
1 June 2005security holder rights change● Neutral
Veritas amended its 1997 shareholder rights plan ("poison pill"), dropping a requirement that certain board actions be approved by a minimum number of long-serving directors and updating administrative details.
28 Mar 2005material agreement▼ BadMajor
Veritas raised base salaries for its top executives, including CEO Pilenko (to $475,000), and agreed to reimburse up to $30,000 in legal fees Pilenko and CFO Mark Baldwin incurred getting personal advice on the company's pending financial restatement - the same restatement that had forced Veritas to delay its fiscal 2004 10-K the previous October.
9 Mar 2005material agreement● Neutral
Veritas set fiscal 2006 incentive-pay targets for its executives under its Key Contributor plan; CEO Thierry Pilenko's target - 75% of salary - was well above the 15-60% range set for other participants.
31 July 2002business combination▼ BadMajor
Veritas's board withdrew its support for the PGS combination and the two companies formally terminated the merger agreement, ending nine months of negotiation and three rounds of amendments without a deal.
26 July 2002business combination● Neutral
Veritas and PGS signed a second amendment to their merger agreement, still renegotiating deal mechanics five months after the terms had already been revised once.
24 June 2002business combination● Neutral
Veritas and PGS signed a first amendment reworking the legal structure of their pending combination, restructuring the merger vehicles without changing the deal's core economics.
29 Apr 2002business combination● NeutralMajor
The SEC agreed Veritas would be the accounting acquirer in the pending PGS combination under revised terms: PGS's exchange ratio was cut to 0.40 shares (from 0.47), Veritas holders would own 44% of the new company with a 6-4 board majority, and Veritas's own CEO and CFO would run it - terms that shifted materially in Veritas's favor since the deal was first announced.
28 Nov 2001business combination▲ GoodMajor
Veritas DGC agreed to combine with Norway's Petroleum Geo-Services (PGS) as a "merger of equals" under a new Cayman Islands holding company, with PGS shareholders getting 0.47 new shares per PGS share and Veritas shareholders converting one-for-one; the deal still needed shareholder votes and antitrust clearance.
18 Jan 2001business combination▲ Good
Veritas DGC agreed to acquire Reservoir Characterization Research and Consulting (RC2), a small Colorado seismic-analysis firm, paying about 1.1 million Veritas shares, with closing expected within weeks.
6 Oct 2000capital raising announcement● Neutral
Veritas DGC raised fresh equity, selling 3 million shares (plus a 450,000-share over-allotment option) through Goldman Sachs and other underwriters under its existing shelf registration.
16 Aug 1996listing compliance notice▼ Bad
CGG HOLDING (U.S.) INC. withdrew a registration statement, abandoning the offering it covered.
19 Mar 1996listing compliance notice▼ Bad
CGG HOLDING (U.S.) INC. withdrew a registration statement, abandoning the offering it covered.