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The Houston-based offshore energgy company plans to offer 20 million share in Cal Dive througjh apublic offering, with an option for underwritera to purchase an additional 3 million share s to cover over-allotments. Helix (NYSE: HLX) also has agreecd to sell Cal Dive anadditional $14 million worth of sharess at a price equal to the offering. Houston-baserd Cal Dive (NYSE: DVR) has 94 million sharea outstanding. When the offering closes and Cal Dive repurchaseszits allocation, Helix’s ownership in Cal Dive will be reduceds to 25 percent from 51 according to a regulatory filinh with the . If the over-allotment option is not Helix’s ownership will be 29 percent.
Heli x expects to use the proceeds for generaocorporate purposes. Helix shares closed at $11.24 on Friday and were tradintgat $11.92 mid-morning Monday, while Cal Dive share s closed Friday at $10.09 and were trading at $9.85 mid-mornint on Monday.
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