Houston- based Gulf Mark Offshore (NYSE: GLF) today validated that it has actually obtained a non-binding, unrequested proposition from rival Harvey Gulf International Marine to integrate the firms in an all-stock merging in which Gulf Mark would certainly obtain Harvey Gulf.

Under the Harvey Gulf proposition, Gulf Mark shareholders would certainly have 41.2% of the mixed firm as well as it would certainly stay openly noted.

Harvey’s Gulf’s deal comes much less than one month after U.S.-based overseas supply vessel firm Tidewater (NYSE: TDW) became part of a clear-cut arrangement with Gulf Mark to integrate both firms.

The mix would certainly a worldwide leader in the overseas assistance vessel industry with a market capitalization of $ 1.25 billion based upon Tidewater’s July 1 closing cost. The deal is not anticipated to shut till the 4th quarter of this year.

Under the regards to the all-stock arrangement with Tidewater, the firm would certainly preserve the Tidewater name as well as Gulf Mark investors would certainly hold 27 percent of the mixed firm.

The offer additionally consists of paying off $100 numerous existing Gulf Mark financial obligation.

Led by Shane Guidry, Harvey Gulf is just one of the biggest privately-owned as well as ran aquatic transport firms in the united state Gulf ofMexico The firm arised from Chapter 11 insolvency in July after finishing a court-approved monetary restructuring which saw it lost about $1 billion in the red.

Both Tidewater as well as Gulf Mark additionally arised from Chapter 11 insolvency in 2017.

According to Gulf Mark’s news release, Harvey Gulf’s proposition letter mentioned that the firm had a venture worth is $900 million with $ 305 numerous exceptional web financial obligation, indicating an overall Harvey Gulf equity worth of $595 million.

“Based on the foregoing, and GulfMark’s public equity valuation of $337 million as of the close of business on July 13, 2018, the last trading day prior to announcement of GulfMark’s proposed merger with Tidewater Inc. (NYSE: TDW), the Harvey Gulf 100% stock proposal would imply a combined equity value of $932 million, and a 41.2% ownership interest would imply a value of $384 million for GulfMark stockholders (or $37.93 per GulfMark share),” Gulfmark clarified in a news release.

It was not quickly clear if Harvey Gulf’s deal stood for a far better deal than Tidewater’s.

Gulf Mark’s Board of Directors, with the support monetary as well as lawful experts, was anticipated to evaluate the Harvey Gulf deal “in a manner consistent with its fiduciary duties and in compliance with its obligations under its merger agreement with Tidewater,” the firm stated.

“GulfMark’s Board has not made any determination as to whether the Harvey Gulf unsolicited proposal constitutes, or could reasonably be expected to result in, a “Superior Offer” under the regards to the Tidewater merging arrangement,” according to Gulf Mark.

“At this time, the GulfMark Board of Directors continues to believe that the Tidewater merger is in the best interest of GulfMark stockholders and continues to recommend that GulfMark stockholders adopt the Tidewater merger agreement at the special meeting of GulfMark stockholders to be scheduled for this fall,” Gulf Mark’s news release stated.