TGC Industries (TGE) Shareholders Vote Against Merger at Special Meeting
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TGC Industries, Inc. (TGC) (Nasdaq: TGE) announced the results of its shareholder meeting held in connection with the Agreement and Plan of Merger by and among TGC, Dawson Geophysical Company and 6446 Acquisition Corp. dated March 20, 2011 and the termination of the Merger Agreement.
At TGC's Special Meeting of Shareholders on October 27, 2011, TGC did not receive the necessary votes for the approval of the Merger Agreement. The approval of the Merger Agreement required the affirmative vote of at least 80% of the TGC outstanding common stock on August 29, 2011. As a result of the failure to receive the requisite shareholder vote, TGC terminated the Merger Agreement.
At TGC's Special Meeting of Shareholders on October 27, 2011, TGC did not receive the necessary votes for the approval of the Merger Agreement. The approval of the Merger Agreement required the affirmative vote of at least 80% of the TGC outstanding common stock on August 29, 2011. As a result of the failure to receive the requisite shareholder vote, TGC terminated the Merger Agreement.
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