grover Posted February 22, 2008 Report Share Posted February 22, 2008 Breaking News from The Globe and Mail CHC Helicopter sold for $3.7-billion TAVIA GRANT Friday, February 22, 2008 CHC Helicopter Corp. was sold Friday to Greenwich, Connecticut-based First Reserve Corp. for $3.7-billion in what the companies said is the largest ever buyout in the oil-field services industry. Vancouver-based CHC is the world's largest provider of rescue helicopters, along with services to the global offshore oil and gas industry, while First Reserve is a private-equity firm. The all-cash sale “builds upon CHC's position as a world-class helicopter company,” said CHC chairman Mark Dobbin in a release. An affiliate of one of First Reserve's funds will pay $32.68 a share, a 49-per-cent premium over Thursday's closing share price. CHC's headquarters will stay in Vancouver, and the shares will be de-listed from the Toronto Stock Exchange. CHC's unanimously approved the deal and recommends shareholders vote in favour of the transaction. Merrill Lynch Canada and Scotia Capital advised CHC. © The Globe and Mail Quote Link to comment Share on other sites More sharing options...
Skidz Posted February 22, 2008 Report Share Posted February 22, 2008 Hmmmm. Could the GHPA "situation" have something to do with this ? Quote Link to comment Share on other sites More sharing options...
Cambox Posted February 22, 2008 Report Share Posted February 22, 2008 Well, regardless of what our opinions of CHC are/were, the fact remains, that after the sale, it is no longer CANADIAN Helicopters is it? End of a dynasty.......... R... Breaking News from The Globe and Mail CHC Helicopter sold for $3.7-billion TAVIA GRANT Friday, February 22, 2008 CHC Helicopter Corp. was sold Friday to Greenwich, Connecticut-based First Reserve Corp. for $3.7-billion in what the companies said is the largest ever buyout in the oil-field services industry. Vancouver-based CHC is the world's largest provider of rescue helicopters, along with services to the global offshore oil and gas industry, while First Reserve is a private-equity firm. The all-cash sale “builds upon CHC's position as a world-class helicopter company,” said CHC chairman Mark Dobbin in a release. An affiliate of one of First Reserve's funds will pay $32.68 a share, a 49-per-cent premium over Thursday's closing share price. CHC's headquarters will stay in Vancouver, and the shares will be de-listed from the Toronto Stock Exchange. CHC's unanimously approved the deal and recommends shareholders vote in favour of the transaction. Merrill Lynch Canada and Scotia Capital advised CHC. © The Globe and Mail Quote Link to comment Share on other sites More sharing options...
212wrench Posted February 22, 2008 Report Share Posted February 22, 2008 Not to mention it is now owned exclusively by folks who only deal in money. Quote Link to comment Share on other sites More sharing options...
Outwest Posted February 22, 2008 Report Share Posted February 22, 2008 According to a post on another forum, this may mean the end of the OETC tax break........if that is the case they will need to water cool the exit door hinges in YVR Quote Link to comment Share on other sites More sharing options...
Freefall Posted February 22, 2008 Report Share Posted February 22, 2008 What a shame Quote Link to comment Share on other sites More sharing options...
Cosmo Posted February 22, 2008 Report Share Posted February 22, 2008 First Reserve Corp To Acquire CHC Helicopter (FLY.A) For $3.7B in Largest-Ever Oilfield Services Buyout CHC Helicopter announced this morning that it is being bought out by private equity fund First Reserve for $32.68 per share in an all-cash deal. The price represents an approximate 50% premium to the closing price yesterday. Based on RBC CM's EBITDAR projection for 2009, the implied purchase price is 9.6x EV/EBITDAR. The transaction requires approval from two-thirds of the shareholders of Class A, B and ordinary shares, The estate of Craig Dobbin, which holds 14%, 95% and 100% of the Class A, B and ordinary shares respectively, has agreed to vote in favour of the transaction. The deal will be financed through a combination of equity from First Reserve Fund and debt financing from Morgan Stanley. The deal has a break fee of $61.4 million, and is expected to close in Q2. Quote Link to comment Share on other sites More sharing options...
transquebecniece Posted February 22, 2008 Report Share Posted February 22, 2008 From News/Press Releases section of the Forums: http://www.verticalmag.com/control/news/te...?a=6827&z=6 Quote Link to comment Share on other sites More sharing options...
Inuk Posted February 22, 2008 Report Share Posted February 22, 2008 Thats too bad, Money makes the world go round...I guess Quote Link to comment Share on other sites More sharing options...
windy miller Posted February 23, 2008 Report Share Posted February 23, 2008 If the GHPA think they forced a 3.7 BILLION dollar take over they are delusional Quote Link to comment Share on other sites More sharing options...
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