Issuing a sceaming buy...HLX
Halter Marine , Friede Goldman amend deal
GULFPORT, Miss., Sept 14 (Reuters) - Ship and offshore drilling rig builder Halter Marine Group Inc. (NYSE: FGI) said Tuesday that it and Friede Goldman International Inc., a provider of drilling rig services, have amended the terms of their proposed merger, raising the fraction of Friede Goldman shares into which each Halter share will be converted.
Under the revised merger agreement, each Halter share will be converted into 0.57 of a share of Friede Goldman.
The merger proposal announced on June 1, 1999 originally provided for the exchange of 0.4614 of a Friede Goldman share for each Halter share.
Halter Marine said the agreement was amended due to developments related to a contract dispute with a significant customer, as previously disclosed by Friede Goldman.
In late August, the parties received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
Assuming approval of the merger at the stockholder meetings of Friede Goldman and Halter, the parties expect to close the merger early in the fourth quarter of calendar year 1999.
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