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UPDATE 1-Hexagon bids $152 mln for Norwegian oil services group Veripos
October 14, 2013 / 6:36 AM / 4 years ago

UPDATE 1-Hexagon bids $152 mln for Norwegian oil services group Veripos

* Hexagon offers 28 Norwegian crowns a share or $152 mln

* Veripos shares closed at 23 crowns on Friday

* Veripos sells hardware, services to offshore oil industry (Adds detail, background, quotes)

STOCKHOLM, Oct 14 (Reuters) - Measurement technology group Hexagon bid 910 million crowns ($152 million) on Monday for Norway’s Veripos, a maker of positioning system hardware for offshore oil companies.

Sweden’s Hexagon, the market leader in a specialised sector straddling software and engineering hardware, said in a statement it would offer 28 Norwegian crowns per share in Veripos, whose businesses include seismic exploration.

“It is a good strategic fit between Hexagon and Veripos where Hexagon will provide state of the art, positioning technology to Veripos as well as future growth via Hexagon’s onshore markets,” Hexagon Chief Executive Ola Rollen said.

“Veripos has, in turn, built up a strong position in the offshore market and has world class infrastructure that Hexagon can leverage on immediately after an acquisition rather than building such infrastructure in-house.”

Hexagon, whose brands include Leica Geosystems as well as selling under its own name, said the offer represented a premium of 44 percent to Veripos volume weighted average stock price during the three months to Oct. 11.

Shares in Veripos closed at 23 crowns on Friday.

Hexagon said it had contacted the board of the Norwegian company about a bid late last month and that it had concluded due diligence scrutiny on Saturday. ($1 = 5.9957 Norwegian crowns) (Reporting by Niklas Pollard; Editing by Louise Ireland)

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