Waiting period extended in Cal Dive, Horizon merger

By Lisa Kerner

Charlotte, N.C., Sept. 28 - Cal Dive International Inc. and Horizon Offshore, Inc. each received a request for additional information from the Antitrust Division of the U.S. Department of Justice in the proposed merger of the two companies.

The second requests will extend the Hart-Scott-Rodino waiting period an additional 30 calendar days from the date of substantial compliance with the requests, according to a company news release.

Under the Houston-based companies' June 12 definitive agreement, 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.

It was previously reported that Cal Dive planned to resubmit a withdrawn filing on Aug. 29 to the Federal Trade Commission and the Department of Justice. Cal Dive voluntarily withdrew its filing in order to give the Department of Justice additional time to review the transaction, a company statement said.

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.

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