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GLF

Acquired by TDW

$36.99

0.24 (0.65%)

, TDW

Tidewater

$32.12

0.16 (0.50%)

08:35
08/06/18
08/06
08:35
08/06/18
08:35

GulfMark Offshore receives non-binding unsolicited proposal from Harvey Gulf

GulfMark Offshore (GLF) confirmed that it has received a non-binding, unsolicited proposal from HGIM to combine the companies through a merger in which GulfMark would acquire Harvey Gulf, with the combined company remaining publicly listed. Pursuant to the Harvey Gulf proposal, GulfMark stockholders would own 41.2% of the combined company. Harvey Gulf emerged from bankruptcy on July 2, 2018 as a private company. Harvey Gulf's proposal letter represents that Harvey Gulf's enterprise value is $900M, a valuation that has not been validated at this time by GulfMark, and which would imply a total Harvey Gulf equity value of $595M based on Harvey Gulf's reported $305M of outstanding net debt. Based on the foregoing, and GulfMark's public equity valuation of $337M as of the close of business on July 13, 2018, the last trading day prior to announcement of GulfMark's proposed merger with Tidewater (TDW), the Harvey Gulf 100% stock proposal would imply a combined equity value of $932M, and a 41.2% ownership interest would imply a value of $384M for GulfMark stockholders. As previously announced on July 16, 2018, GulfMark entered into a definitive agreement with Tidewater to combine the two companies. Under the terms of the all-stock agreement, GulfMark stockholders will receive 1.100 shares of Tidewater common stock for each share of GulfMark common stock they hold. Each GulfMark noteholder warrant will be automatically converted into the right to receive 1.100 Tidewater shares, subject to Jones Act restrictions on maximum ownership of shares by non-U.S. citizens. Concurrent with the closing, $100M of the existing GulfMark debt is expected to be repaid. The GulfMark Board of Directors, with the assistance of outside financial and legal advisors, will review the Harvey Gulf unsolicited proposal in a manner consistent with its fiduciary duties and in compliance with its obligations under its merger agreement with Tidewater. GulfMark's Board has not made any determination as to whether the Harvey Gulf unsolicited proposal constitutes, or could reasonably be expected to result in, a "Superior Offer" under the terms of the Tidewater merger agreement. At this time, the GulfMark Board of Directors continues to believe that the Tidewater merger is in the best interest of GulfMark stockholders and continues to recommend that GulfMark stockholders adopt the Tidewater merger agreement at the special meeting of GulfMark stockholders to be scheduled for this fall. GulfMark stockholders are advised to take no action at this time.

GLF

Acquired by TDW

$36.99

0.24 (0.65%)

TDW

Tidewater

$32.12

0.16 (0.50%)

GLF Acquired by TDW
$36.99

0.24 (0.65%)

TDW Tidewater
$32.12

0.16 (0.50%)

08/15/17
CLKS
08/15/17
UPGRADE
CLKS
Buy
Tidewater upgraded to Buy from Neutral at Clarksons Platou
07/24/18
SOCO
07/24/18
UPGRADE
SOCO
Overweight
Tidewater upgraded to Overweight from Equalweight at Capital One

TODAY'S FREE FLY STORIES

ATTO

Atento

$3.95

0.06 (1.54%)

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TRHC

Tabula Rasa HealthCare

$60.28

1.35 (2.29%)

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GIS

General Mills

$47.24

-0.365 (-0.77%)

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TRN

Trinity Industries

$22.46

-0.25 (-1.10%)

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TIGR

UP Fintech

$0.00

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SND

Smart Sand

$4.27

-0.4 (-8.57%)

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LYFT

Lyft

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DERM

Dermira

$14.13

1.52 (12.05%)

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NVRO

Nevro

$44.76

0.37 (0.83%)

19:38
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Nevro rating change at BMO Capital »

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TORC

ResTORbio

$7.16

-1.81 (-20.18%)

19:34
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NVRO

Nevro

$44.76

0.37 (0.83%)

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PFE

Pfizer

$42.32

0.51 (1.22%)

, MKGAY

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$0.00

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PFE

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0.51 (1.22%)

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GOOG

Alphabet

$1,199.71

16.05 (1.36%)

, GOOGL

Alphabet Class A

$1,203.13

15.04 (1.27%)

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$1,199.71

16.05 (1.36%)

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Alphabet Class A

$1,203.13

15.04 (1.27%)

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GOOG

Alphabet

$1,199.71

16.05 (1.36%)

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Alphabet Class A

$1,203.13

15.04 (1.27%)

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SMAR

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$43.51

-0.16 (-0.37%)

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TME

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WPRT

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FDX

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$181.50

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$75.64

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PRNB

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$36.88

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LGIH

LGI Homes

$54.89

-2.27 (-3.97%)

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SAGE

Sage Therapeutics

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QTRX

Quanterix

$24.59

-0.01 (-0.04%)

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AIHS

Senmiao Technology

$4.71

-0.275 (-5.52%)

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INVH

Invitation Homes

$23.31

-0.23 (-0.98%)

18:54
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PULM

Pulmatrix

$1.70

-0.09 (-5.03%)

18:53
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Breaking Syndicate news story on Pulmatrix »

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  • 19

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SIEN

Sientra

$8.81

-0.4 (-4.34%)

18:51
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INVH

Invitation Homes

$23.31

-0.23 (-0.98%)

18:50
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FDX

FedEx

$181.50

-0.92 (-0.50%)

18:45
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FedEx CEO: Domestic business is pretty good »

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LYFT

Lyft

$0.00

(0.00%)

18:41
03/19/19
03/19
18:41
03/19/19
18:41
Periodicals
Lyft IPO oversubscribed so far, Reuters reports »

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