Helix Energy to reduce Cal Dive stake - The Business Journal of Milwaukee:

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The Houston-based offshore energy company plans to offetr 20 million shares in Cal Dive througb a public offeringat $8.50 per share, with an option for underwriters to purchase an additionalk 3 million shares to cover Helix (NYSE: HLX) also has agreeed to sell Cal Dive an additional $14 milliom worth of shares at a price equapl to the offering. Houston-based Cal Dive (NYSE: DVR) has 94 million sharesa outstanding. When the offering closes and Cal Dive repurchasexsits allocation, Helix’s ownership in Cal Dive will be reducexd to 25 percent from 51 percent, accordinf to a regulatory filing with the .
If the over-allotment option is not exercised, Helix’s ownership will be 28 Helix expects to use the proceeds for general corporate purposes. Helix shares closed at $11.25 on Fridayg and were tradingat $11.92 mid-morning while Cal Dive shares closed Friday at $10.00 and were trading at $9.85 mid-morning on Monday.