Seabulk Int'l and SEACOR Holdings Receive Stockholder Approval for Merger
Seabulk International, Inc. (Nasdaq: SBLK) and SEACOR Holdings Inc. (NYSE: CKH) announced that the stockholders of Seabulk approved the previously announced merger of Seabulk with a subsidiary of SEACOR and the stockholders of SEACOR approved the issuance of SEACOR common stock in connection with the merger. The approvals came at separate meetings held today in New York.Under the terms of the merger agreement, Seabulk's stockholders will receive 0.2694 of a share of SEACOR common stock plus cash of $4.00 for each issued and outstanding share of Seabulk common stock, subject to adjustment under certain conditions. Closing of the transaction is expected on July 1, 2005. The last day of trading in Seabulk stock will be June 30, 2005.
In other business conducted at the SEACOR annual meeting,
stockholders elected 10 directors, ratified the appointment of Ernst &
Young LLP as independent auditor, and approved an increase in the
number of authorized shares of common stock.
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