Cal Dive, Horizon Offshore merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Cal Dive International, Inc. and Horizon Offshore, Inc. received early termination of the Hart-Scott-Rodino waiting period, which had been extended due to a second request from the Antitrust Division of the U.S. Department of Justice.

As previously reported, Cal-Dive will acquire Horizon Offshore in a stock and cash transaction valued at approximately $650 million, including debt. Horizon Offshore stockholders will receive about $19.25 per share consisting of 0.625 of a share of Cal Dive common stock and $9.25 in cash, or a total of 20.4 million Cal Dive shares and $302.5 million in cash.

Horizon Offshore shareholders will vote on the merger at a special meeting scheduled for Dec. 10. The record date for the meeting is Oct. 17, according to a company news release.

Cal Dive is a marine contractor that provides manned diving, pipelay and pipe burial services to the offshore oil and natural gas industry. Horizon Offshore provides marine construction services for the offshore oil and gas and energy industries. Both companies are based in Houston.

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