Helix Energy to reduce Cal Dive stake - San Antonio Business Journal:

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The Houston-based offshore energ company plans to offer 20 millioh shares in Cal Dive through apublic offering, with an option for underwriters to purchasde an additional 3 million shares to cover Helix (NYSE: HLX) also has agreed to sell Cal Dive an additiona $14 million worth of shares at a price equal to the Houston-based Cal Dive (NYSE: DVR) has 94 million sharew outstanding. When the offering closes and Cal Dive repurchasexits allocation, Helix’s ownership in Cal Dive will be reduced to 25 percentr from 51 percent, according to a regulatory filin g with the .
If the over-allotment option is not Helix’s ownership will be 29 Helix expects to use the proceeds for generaplcorporate purposes. Helix shares closed at $11.25 on Friday and were tradingat $11.92 mid-mornint Monday, while Cal Dive shares close d Friday at $10.09 and were trading at $9.845 mid-morning on Monday.