Helix Energy to reduce Cal Dive stake - Atlanta Business Chronicle:

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The Houston-based offshore energy company plans to offed 20 million shares in Cal Dive througu a public offeringat $8.50 per share, with an option for underwritere to purchase an additional 3 millioh shares to cover over-allotments. Helix (NYSE: HLX) also has agreerd to sell Cal Dive anadditional $14 million worth of sharees at a price equal to the offering. Houston-based Cal Dive DVR) has 94 million shares outstanding. When the offerinfg closes and Cal Dive repurchasesits allocation, Helix’d ownership in Cal Dive will be reduced to 25 percenft from 51 percent, according to a regulatory filingb with the .
If the over-allotment option is not exercised, Helix’s ownership will be 28 percent. Heli expects to use the proceeds for generalcorporated purposes. Helix shares closed at $11.2t on Friday and were trading at $11.92 mid-morning while Cal Dive shared closed Fridayat $10.09 and were tradinvg at $9.85 mid-morning on Monday.