DSND declines offer from Cal Dive News
// November 8, 2002
DSND has turned down an offer from Cal Dive International (CDI) in the US for the total outstanding equity of DSND Inc, and an offer from CDI for DSND's interest in Subsea 7, the company formed earlier this year by DSND and Halliburton Subsea.
In a statement issued in early November, DSND said its Board had discussed CDI's approach and had concluded "that it was neither in the interest of the company nor its shareholders to have such discussions at this time."
DSND said the reasons for its decision included the fact that, at the time that the offer was made, DSND's share price was low; Subsea 7 had only recently s been established and needed time to develop to create value for its shareholders; and it would bedisruptive for Subsea 7 to perform due diligence immediately following the establishment and financing of the company.
Other reasons cited by the company included legal requirements in the Subsea 7 shareholders agreement, and the outcome of discussions with Halliburton, the other major shareholder in Subsea 7.
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