S&P Seitel unaffected

Standard & Poor's said that Seitel Inc. (B-/stable/--) is not immediately affected by its subsidiary's bid to buy rival Pulse Data Inc. for C$3.10 per share.

Pulse's board of directors unanimously recommended rejecting the offer and adopted a shareholder rights plan, according to S&P. The offer expires Sept. 18.

The agency said the financing structure is unclear but it expects credit measures to remain at about 4 times for its debt-to-cash EBITDA ratio.

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