Seacor Holdings and Seabulk to merge News
// March 18, 2005
Seacor Holdings and Seabulk International in the US have announced that they have signed a definitive merger agreement.
The Boards of Directors of both companies have unanimously approved the transaction, under which Seabulk's stockholders will, subject to limited adjustments, receive 0.2694 of a share of Seacor common stock plus cash of US$4.00 for each issued and outstanding share of Seabulk common stock, which represents a 29 per cent premium compared with Seabulk's closing share price on March 16th.
The aggregate equity value of the transaction is approximately US$532 million, based on Seacor's closing share price as of March 16th. Approximately US$471 million in net debt obligations will be assumed by Seacor.
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