Cal Dive terminates interest in DSNDNews // November 22, 2002
The offer was rejected and no discussions were held between the companies.
The recently announced refinancing plan by the DSND Board alters the capitalization of the company and shareholder issues to the point that Cal Dive has no interest in DSND Inc.
As a result, Cal Dive will not submit another offer.
Owen Kratz, Cal Dive Chairman and Chief Executive Officer, stated, "The offer to DSND was made as an alternative to refinancing options for their Board to consider. Cal Dive's strategic plan could have had compelling value for both shareholder groups. Cal Dive has added significant assets in recent years that command our full focus and we have no interest in being distracted by a hostile situation."