HGIM makes bid to GulfMark

HOUSTON – Houston-based GulfMark Offshore, Inc. (“GulfMark”) confirmed Aug. 6 that it had received a non-binding, unsolicited proposal from HGIM Corp. (“Harvey Gulf”) of New Orleans to combine the companies through a merger in which GulfMark would acquire Harvey Gulf. Pursuant to the Harvey Gulf proposal, GulfMark stockholders would own 41.2 percent of a new company. Harvey Gulf emerged from bankruptcy July 2 as a private company. Its proposal represents an enterprise value of an unevaluated $900M. GulfMark’s public equity valuation, as of July 13, the day prior to its announcement of a proposed merger with Tidewater Inc. ("Tidewater") of Houston, is $337M. The GulfMark Board of Directors will review the Harvey Gulf proposal in compliance with obligations under its merger agreement with Tidewater. GulfMark’s board seems to believe that the Tidewater merger is in the best interest of stockholders and continues to recommend them to adopt the Tidewater merger agreement at a meeting this fall. (Source: Globe News Wire 08/06/18) GulfMark Americas has a sector office in Larose, La.