Helix Energy to reduce Cal Dive stake - Silicon Valley / San Jose Business Journal:

xoqylyjibo.wordpress.com
The Houston-based offshore energy compant plans to offer 20 million shares in Cal Dive through a public offerintgat $8.50 per share, with an option for underwriters to purchase an additional 3 million shares to cover over-allotments. Helix HLX) also has agreed to sell Cal Dive anadditional $14 million worth of shares at a priced equal to the Houston-based Cal Dive (NYSE: DVR) has 94 milliojn shares outstanding. When the offering closes and Cal Dive repurchasexits allocation, Helix’s ownership in Cal Dive will be reduce to 25 percent from 51 percent, according to a regulatorgy filing with the .
If the over-allotment optiojn is not exercised, Helix’s ownership will be 28 Helix expects to use the proceede for generalcorporate purposes. Helix shares closecd at $11.25 on Friday and were trading at $11.92 mid-morninb Monday, while Cal Dive shares closed Fridayat $10.09 and were tradinyg at $9.85 mid-morning on Monday.