Dawson Geophysical and TGC Industries Announce Closing of the DOJ Investigation and Early Termination of Hart-Scott-Rodino Waiting Period
Dawson Geophysical Company (Dawson) (NASDAQ: DWSN) and TGC Industries, Inc. (NASDAQ: TGE) today announced that the Antitrust Division of the United States Department of Justice has closed its investigation without taking any action and that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (HSR Act), has been granted, in connection with Dawson's previously announced proposed acquisition of TGC. Accordingly, the condition to the proposed acquisition of TGC relating to the expiration or termination of the HSR Act waiting period has been satisfied.
Stephen Jumper, President and Chief Executive Officer of Dawson, said: "We are pleased to have completed this important milestone in the approval process for the merger. We expect to complete our SEC review and to commence mailing of a joint proxy statement to our respective shareholders. We look forward to holding our special meeting and, if we receive a favorable vote, eventually welcoming the shareholders of TGC as shareholders of Dawson."
The acquisition remains subject to certain other closing conditions, including the approval of each of Dawson's and TGC's shareholders.
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