SEACOR Holdings & American Industrial Partners Announce 70.2% of SEACOR Shares Tendered, Offer Amended to Eliminate Ability t...
12 4월 2021 - 9:30PM
Business Wire
SEACOR Holdings Inc. (NYSE: CKH) (“SEACOR”) and American
Industrial Partners and its affiliate Safari Merger Subsidiary,
Inc. (“Purchaser”) announced that Purchaser is removing the ability
to tender by guaranteed delivery into Purchaser’s outstanding
tender offer at $41.50 per share. SEACOR and Purchaser also
announced that 70.2% of outstanding shares have been tendered into
the offer, including 7.6% by guaranteed delivery, and that the
offer has been extended to 5:00 p.m. EDT on Wednesday, April 14,
2021 to permit the shares tendered by guaranteed delivery to be
actually delivered physically or by book-entry. In accordance with
Delaware law, the transaction’s minimum tender condition requires
that shares tendered by physical or book-entry delivery represent
66 2/3% of outstanding shares. SEACOR and the Purchaser have also
agreed to extend the End Date under the Merger Agreement to Friday,
April 16, 2021.
The extension of the offer to April 14, and the End Date to
April 16, and the removal of the ability to tender by guaranteed
delivery, were taken by Purchaser in coordination with the SEACOR
board specifically to allow shares previously tendered by
guaranteed delivery to be delivered physically or by book-entry, so
that the minimum tender condition is met, and to avoid possible
confusion in the market place caused by shares being tendered that
don’t qualify for meeting the minimum tender condition. In
connection with these actions, Purchaser has agreed to pay SEACOR
an extension fee of $1,250,000 per day that the offer is
extended.
American Stock Transfer & Trust Company, LLC, the depository
for the tender offer, has indicated that, as of 5:00 p.m. on April
9, 2021, a total of 14,428,458 shares, representing 70.2% of the
outstanding shares, had been validly tendered. Of these shares,
12,857,350 shares, representing 62.6% of the outstanding shares,
were tendered physically or by book-entry, and 1,571,108 shares,
representing 7.6% of the outstanding shares, were tendered pursuant
to guaranteed delivery procedures.
Shareholders who have already tendered their shares by physical
or book-entry delivery should not re-tender their shares or take
any other action as a result of the extension of the tender offer.
Stockholders who have tendered by guaranteed delivery should
fulfill their guarantee obligations as soon as possible by
delivering their shares physically or by book-entry. Shareholders
should be aware that shares traded with T+2 settlement can now not
be tendered until two trading days after the trade and the success
of the offer is dependent on sufficient shares being tendered
physically or by book-entry.
Purchaser is ready to close the transaction and, when 66 2/3% of
outstanding shares are delivered physically or by book-entry,
closing and payment for the shares will occur promptly within three
business days.
The tender offer is being made pursuant to the tender offer
materials (including an Offer to Purchase, a related Letter of
Transmittal and certain other offer documents) in the Tender Offer
Statement on Schedule TO (together with any amendments or
supplements thereto, the “Tender Offer Statement”) filed by
Purchaser and its affiliates with the United States Securities and
Exchange Commission on December 18, 2020, as amended.
About American Industrial
Partners
American Industrial Partners is an operationally oriented
private equity firm that invests in industrial businesses serving
domestic and global markets. The firm has deep roots in the
industrial economy and has been active in private equity investing
since 1989. To date, American Industrial Partners has completed
more than 100 transactions and currently has more than $8 billion
of assets under management on behalf of leading pension, endowment
and financial institutions. For more information on American
Industrial Partners, visit www.americanindustrial.com.
Additional Information and Where to Find
It
The tender offer described in this communication commenced on
December 18, 2020. This communication is for informational purposes
only and is neither an offer to purchase nor a solicitation of an
offer to sell shares of SEACOR. On December 18, 2020, the bidders
filed with the United States Securities and Exchange Commission
(the “SEC”) a Tender Offer Statement on Schedule TO, and SEACOR
filed with the SEC a Solicitation/Recommendation Statement on
Schedule 14D-9. SEACOR’S STOCKHOLDERS AND OTHER INVESTORS ARE URGED
TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE,
A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER
DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE
THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY
BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The
Tender Offer Statement and the Solicitation/Recommendation
Statement are available for free at the SEC’s web site at
www.sec.gov. Additional copies may be obtained for free by
contacting SEACOR. Free copies of these materials and certain other
offering documents will be made available by SEACOR upon request by
mail to SEACOR Holdings Inc., 2200 Eller Drive, P.O. Box 13038,
Fort Lauderdale, FL 33316, attention: Investor Relations, or by
phone at 1-954-523-2200, or by directing requests for such
materials to the information agent for the offer named in the
Tender Offer Statement. Copies of the documents filed with the SEC
by SEACOR will be available free of charge under the “Investors”
section of SEACOR’s internet website at seacorholdings.com. In
addition to the Offer to Purchase, the related Letter of
Transmittal and certain other tender offer documents, as well as
the Solicitation/Recommendation Statement, SEACOR files annual,
quarterly and current reports, proxy statements and other
information with the SEC. SEACOR’s filings with the SEC are also
available for free to the public from commercial document-retrieval
services and at the website maintained by the SEC at
www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20210412005533/en/
Information Agent Michael Madalon D.F. King & Co.,
Inc. 212-269-5732 / 917-294-9326 mmadalon@dfking.com
Investors Innisfree M&A Incorporated Scott Winter /
Jonathan Salzberger 212-750-5833
Media Stephen Pettibone / Mike DeGraff Sard Verbinnen
& Co. SEACOR-SVC@sardverb.com
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