Bristow is -3.4% lower after activist investor Global Value Investment comes out against the proposed financing of the company's planned acquisition of Columbia Helicopters.
Under the proposed financing, Global Value estimates that 33M-33.5M BRS shares would be issued in order to consummate the acquisition, representing a 93% dilution.
Global Value believes BRS trades at a steep discount to the company's intrinsic value and that several strategic alternatives exist to unlock shareholder value.