CHC for sale.
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I wonder if all the under cutting on contracts has started to cause problems for CHC generally.
Only last week CHC Scotia paid its parent company a dividend of £55 million causing CHC Scotia to post losses of £46.5 million! Now the company's up for sale! How long before the assest strippers arrive and the empire gets divided up?
Only last week CHC Scotia paid its parent company a dividend of £55 million causing CHC Scotia to post losses of £46.5 million! Now the company's up for sale! How long before the assest strippers arrive and the empire gets divided up?
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I think you guys have got the wrong end of the stick. It's a takeover bid because it's so successful.
VANCOUVER — CHC Helicopter Corp. (TSX: FLY.SV.A) says its controlling shareholder has held preliminary talks with two private equity firms about a potential takeover offer that would value the company at about $1.3 billion.
More here:
http://tinyurl.com/qzmac
VANCOUVER — CHC Helicopter Corp. (TSX: FLY.SV.A) says its controlling shareholder has held preliminary talks with two private equity firms about a potential takeover offer that would value the company at about $1.3 billion.
More here:
http://tinyurl.com/qzmac
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Talked to my broker today, said that there is a ton of VC money out at the moment and advised to watch. Sahreholders are getting good money for stock positions at the moment. He thought it may make a bit of a gain today with the leak of the buy out. He said this article floated accross his desk:
Here is the skinny on the CHC deal. Been all over the buyout news:
Mystery suitors circle CHC
by Laura King in Toronto and Kelly Holman in New York
Updated 05:32 PM EST, Mar-14-2006
TOP DEAL HEADLINES
Movers & shakers: Mar. 10, 2006
VCs stampede photo startups
Hardly academic
Movers & shakers: Mar. 13, 2006
Polaris closes $1 billion fund
The chairman and controlling shareholder of Vancouver, British
Columbia's CHC Helicopter Corp. is talking with two unnamed private
equity firms about taking the company private in a deal valued at
C$1.39 billion ($1.2 billion).
In a U.S. securities filing, the company said its chairman, Craig
Dobbin, has been in talks with the PE firms and would receive a 14%
equity stake in a new acquisition vehicle. He currently controls 26.9%
of the company's equity but controls 62.7% of its voting rights
through class B stock, which carries 10 votes per share.
CHC said Dobbin is considering a deal that includes a price per class
A subordinate voting share and class B multiple voting share of
between C$30 and C$32.50. CHC A shares jumped C$4.76 or 18% to C$31 in
Toronto Tuesday. The stock is also traded on the New York Exchange.
CHC calls itself the world's largest provider of helicopter services
to the global offshore oil and gas industry. According to its web
site, last year it we carried more than one million passengers to more
than 400 offshore production platforms, drilling rigs, seismic vessels
and tankers.
The names of the firms were not disclosed, but a number of private
equity shops have invested in companies providing services to the
energy industry, including Carlyle/Riverstone Global Energy and Power
Fund, First Reserve Corp., GFI Energy Ventures LLC and Warburg Pincus.
Rather than invest in businesses whose profits are tied directly to
oil prices, many private equity firms have preferred to take advantage
of the boom in the energy business via investments in service
providers, seen as less vulnerable if energy prices fall.
Westport, Conn., private equity firm Lime Rock Partners and New York
private equity firm Greenhill Capital Partners backed another offshore
platform services provider, LLC Hercules Offshore Inc., which went
public last October. It provides drilling and lift-boat services to
the oil and gas industry in the Gulf of Mexico.
More recently, on March 9, New York and Los Angeles-based Centre
Partners Management LLC announced a $24 million investment in Fort
Worth's Gray Wireline Service Inc., which services natural gas wells
and equipment using tools and instruments lowered down wells by cable.
Precedent also exists for private equity investment in specialized air
transport. In November, Southfield, Mich.-based private equity firm
Wind Point Partners bought Omniflight Inc., which operates aircraft to
transport critically injured or ill patients, from Austin, Texas-based
private equity firm Texas Growth Fund for undisclosed terms.
CHC said the private equity firms have an exclusivity period to April
30 to evaluate the proposed buyout. CHC's board has established a
special committee of independent directors to consider any prospective
deal.
CHC reported March 13 that revenue rose to C$257.5 million in the
third quarter from C$242.2 million in the same period last year, and
earnings were up to C$24 million from C$22.8 million.
Here is the skinny on the CHC deal. Been all over the buyout news:
Mystery suitors circle CHC
by Laura King in Toronto and Kelly Holman in New York
Updated 05:32 PM EST, Mar-14-2006
TOP DEAL HEADLINES
Movers & shakers: Mar. 10, 2006
VCs stampede photo startups
Hardly academic
Movers & shakers: Mar. 13, 2006
Polaris closes $1 billion fund
The chairman and controlling shareholder of Vancouver, British
Columbia's CHC Helicopter Corp. is talking with two unnamed private
equity firms about taking the company private in a deal valued at
C$1.39 billion ($1.2 billion).
In a U.S. securities filing, the company said its chairman, Craig
Dobbin, has been in talks with the PE firms and would receive a 14%
equity stake in a new acquisition vehicle. He currently controls 26.9%
of the company's equity but controls 62.7% of its voting rights
through class B stock, which carries 10 votes per share.
CHC said Dobbin is considering a deal that includes a price per class
A subordinate voting share and class B multiple voting share of
between C$30 and C$32.50. CHC A shares jumped C$4.76 or 18% to C$31 in
Toronto Tuesday. The stock is also traded on the New York Exchange.
CHC calls itself the world's largest provider of helicopter services
to the global offshore oil and gas industry. According to its web
site, last year it we carried more than one million passengers to more
than 400 offshore production platforms, drilling rigs, seismic vessels
and tankers.
The names of the firms were not disclosed, but a number of private
equity shops have invested in companies providing services to the
energy industry, including Carlyle/Riverstone Global Energy and Power
Fund, First Reserve Corp., GFI Energy Ventures LLC and Warburg Pincus.
Rather than invest in businesses whose profits are tied directly to
oil prices, many private equity firms have preferred to take advantage
of the boom in the energy business via investments in service
providers, seen as less vulnerable if energy prices fall.
Westport, Conn., private equity firm Lime Rock Partners and New York
private equity firm Greenhill Capital Partners backed another offshore
platform services provider, LLC Hercules Offshore Inc., which went
public last October. It provides drilling and lift-boat services to
the oil and gas industry in the Gulf of Mexico.
More recently, on March 9, New York and Los Angeles-based Centre
Partners Management LLC announced a $24 million investment in Fort
Worth's Gray Wireline Service Inc., which services natural gas wells
and equipment using tools and instruments lowered down wells by cable.
Precedent also exists for private equity investment in specialized air
transport. In November, Southfield, Mich.-based private equity firm
Wind Point Partners bought Omniflight Inc., which operates aircraft to
transport critically injured or ill patients, from Austin, Texas-based
private equity firm Texas Growth Fund for undisclosed terms.
CHC said the private equity firms have an exclusivity period to April
30 to evaluate the proposed buyout. CHC's board has established a
special committee of independent directors to consider any prospective
deal.
CHC reported March 13 that revenue rose to C$257.5 million in the
third quarter from C$242.2 million in the same period last year, and
earnings were up to C$24 million from C$22.8 million.
Last edited by rotorboy; 15th Mar 2006 at 21:31.
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Actually, we are going to buy CHC now it's for sale. We will not be merging it into our premiere flagship company, Bristow, but instead will rename it OLOG and run it as a separate company so we can still bid against it for contracts 
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CHC Sale
You guys need to read between the lines, it is not a takeover, it is an invitation to a couple of major investors with deep pockets, and it is a method of getting off the NYSE and saving face, ever heard of SOX compliance? A painful and expensive procedure. Don't think Mr Dobbin would give up control of this organisation easily. It is also another method of bringing in fresh money without being beholden to certain banks. Watch this space.
