Hallin Marine recommends £103.5m cash offer
11 December 2009
Hallin Marine Subsea International is recommending that shareholders accept a cash offer of 233 pence per share from Superior Energy Services Inc., which values Hallin Marine at £103.5 million.
The consideration of 233 pence in cash for each Hallin Share represents a premium of approximately 87.1 per cent. to the closing price of 124.5 pence per Hallin share yesterday.
Superior has received irrevocable undertakings to vote in favour from approximately 52.7% of the existing issued share capital of Hallin.
Tony Ebel, Chairman of Hallin, said:
"The board of Hallin believe this is an excellent deal for the Company's shareholders, for the Company itself and for the Company's employees.
The Acquisition represents fair value for shareholders and will enable Hallin to take full advantage of the opportunities ahead of it as part of a large, global and well-financed group."
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