Paradigm Being Acquired by Fox Paine for $100 Million

Oil and gas industry IT provider

Paradigm Geophysical

(PGEO)

said it will be taken private at $5.15 a share by Fox Paine & Co. in a deal worth about $100 million.

Outstanding shares of Paradigm Geophysical will be converted into the right to receive $5.15 in cash, a 37.8% premium over Paradigm's average closing price over the last 90 days. Shares of Paradigm closed at $4.48 Tuesday.

In a press release, the company said that shareholders who own more than 42% of Paradigm's shares have agreed to vote in favor of the acquisition. Paradigm said, "Going forward as a private company facilitates the long-term growth of our business."

The acquisition is expected to close in August 2002.

The company's stock was recently climbing 12.7% to $5.05 on the news in premarket trading.