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GulfMark Offshore Confirms Receipt Of Unsolicited Proposal From Harvey Gulf


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(RTTNews.com) - GulfMark Offshore, Inc. ( GLF ) confirmed it has received a non-binding, unsolicited proposal from HGIM Corp. or Harvey Gulf 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 percent of the combined company.

Harvey Gulf emerged from bankruptcy on July 2, 2018 as a private company.

Harvey Gulf's proposal letter represents that the company's enterprise value is $900 million, a valuation that Gulfmark said it has not validated at this time, and which would imply a total Harvey Gulf equity value of $595 million, based on its reported $305 million of outstanding net debt.

Based on the above, and GulfMark's public equity valuation of $337 million as of the close of business on July 13, 2018, the last trading day prior to announcement of GulfMark's proposed merger with Tidewater Inc. (TDW), the Harvey Gulf 100 percent stock proposal would imply a combined equity value of $932 million.

A 41.2 percent ownership interest would imply a value of $384 million for GulfMark stockholders, or $37.93 per GulfMark share.

However, GulfMark said that at this time, its 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 also advised its stockholders to take no action at this time.


Read the original article on RTTNews (http://www.rttnews.com/2923407/gulfmark-offshore-confirms-receipt-of-unsolicited-proposal-from-harvey-gulf.aspx)


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This article appears in: Stocks , Politics
Referenced Symbols: GLF ,



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