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The Houston-based offshore energy company plansw to offer 20 million shares in Cal Dive through a publivc offeringat $8.50 per share, with an option for underwriters to purchase an additional 3 million shares to cover over-allotments. Helix (NYSE: HLX) also has agrees to sell Cal Dive anadditional $14 million worth of sharesd at a price equal to the offering. Houston-based Cal Dive DVR) has 94 million shares outstanding. When the offeringb closes and Cal Dive repurchasesits allocation, Helix’s ownershipo in Cal Dive will be reduced to 25 percenyt from 51 percent, according to a regulatory filint with the .
If the over-allotment option is not Helix’s ownership will be 28 Helix expects to use the proceeds for generaplcorporate purposes. Helix shares closedx at $11.25 on Friday and were tradinhgat $11.92 mid-morning Monday, while Cal Dive share closed Friday at $10.09 and were trading at $9.85 mid-morning on Monday.
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