Everest Capital Ltd will vote against a merger involving Norwegian marine geophysical company Wavefield Inseis ASA and TGS-NOPEC because the current proposed deal does not bring maximum value for shareholders.

The Hamilton-based company urged the board of Norwegian marine geophysical company, Wavefield Inseis ASA, to appoint advisors to assist in offering shareholders a maximum return, suggesting to either sell the company or persuade TGS-NOPEC, with whom they have an existing merger agreement, to materially improve the terms of its offer by increasing the exchange ratio and add additional cash payments to Wavefield Inseis shareholders.

Everest believes that under its present terms, the offer significantly undervalues Wavefield Inseis, and would vote against the proposed combination.

Rather than accepting those terms, Everest would prefer for the company to stay independent and continue executing the current business plan as a stand-alone company.

As a result, shareholders would be able to reap the full benefits and rewards of the investments that have already been made, it has said in a statement.