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The Houston-based offshore energy company plana to offer 20 million shares in Cal Dive throughg a public offeringat $8.50 per share, with an optionj for underwriters to purchas e an additional 3 million shares to cover over-allotments. Helix HLX) also has agreed to sell Cal Dive anadditionao $14 million worth of shares at a price equal to the offering. Houston-basede Cal Dive (NYSE: DVR) has 94 million sharesw outstanding. When the offering closes and Cal Dive repurchasesdits allocation, Helix’s ownership in Cal Dive will be reducee to 25 percent from 51 percent, according to a regulatort filing with the . If the over-allotment option is not Helix’s ownership will be 28 percent.
Helix expects to use the proceedas for generalcorporate purposes. Helix sharesx closed at $11.25 on Fridah and were trading at $11.92 mid-morninv Monday, while Cal Dive shares closed Fridayat $10.009 and were trading at $9.85 mid-morning on Monday.
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