GulfMark Offshore has received an unsolicited proposal from Harvey Gulf to combine the two companies, just weeks after GulfMark had agreed a deal to be acquired via a merger with Tidewater.
Privately owned Harvey Gulf has proposed that GulfMark acquires it so that the combined company remains publicly listed. GulfMark stockholders would own 41.2% of the combined company, which would be valued at around $932m based on Harvey Gulf’s claimed enterprise value.
GulfMark says it will review the Harvey Gulf proposal in accordance with its fiduciary duties, although continues to believe that the Tidewater merger is in the best interests of shareholders. The board will continue to recommend that shareholders adopt the Tidewater merger agreement which is set to be voted on next quarter.
