SEACOR HOLDINGS BOARD REAFFIRMS SUPPORT FOR $41.50 TENDER OFFER

Rhea-AI Summary

The board of SEACOR Holdings (CKH) has reaffirmed its recommendation for stockholders to accept the $41.50 per share cash tender offer from American Industrial Partners. As of March 19, 2021, approximately 54.5% of the outstanding shares had been tendered, indicating strong shareholder support. The offer is set to expire on March 26, 2021, and requires at least 66 2/3% shares tendered to proceed. The board believes this transaction maximizes value for shareholders compared to remaining an independent company.

Positive

• 54.5% of outstanding shares tendered shows strong support for the $41.50 offer.
• The board believes the all-cash transaction maximizes shareholder value.

Negative

• The merger agreement requires minimum 66 2/3% of shares to be tendered for completion.
• Failure to meet the tender requirement could lead to the termination of the merger agreement.

FORT LAUDERDALE, Fla., March 25, 2021 (GLOBE NEWSWIRE) -- The board of directors of SEACOR Holdings Inc. (NYSE: CKH) reiterated its recommendation that stockholders accept the $41.50 tender offer by an affiliate of American Industrial Partners being made pursuant to the Merger Agreement dated December 7, 2020.  As of the most recent expiration on March 19, 2021, the Purchaser indicated approximately 54.5% of the outstanding shares had been tendered, demonstrating support for the transaction from more than a majority of SEACOR stockholders.

The transaction is the culmination of a well-organized process, conducted with the assistance of SEACOR’s investment banker, Foros, which is described in detail in the background information publicly filed in SEACOR’s Tender Offer Statement.  As part of this process, the board of directors considered numerous strategic alternatives, including remaining an independent public company.  At the end of that process, the board of directors concluded that the all-cash transaction at $41.50 per share negotiated with American Industrial Partners represents the best alternative available for maximizing value for SEACOR stockholders, taking into account among other things the opportunities and risks associated with our continued operation as an independent public company and the certainty, immediate value and liquidity provided by the AIP transaction. 

The tender offer currently expires at 5:00 p.m. Eastern Time on Friday, March 26, 2021.  Either party may terminate the Merger Agreement following the End Date of April 5, 2021 if the Offer has not been successful in obtaining the necessary tendered shares accepted for payment, by that date.  As such, stockholders are encouraged to tender their shares expeditiously in order to participate in this meaningful value creation opportunity.  

The Merger Agreement requires that a minimum of 66 2/3% of the outstanding shares be tendered.  The Purchaser has indicated that it is ready to close the transaction and, assuming that 66 2/3% of outstanding shares are tendered, closing and payment for the shares are expected to occur promptly after expiration.

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About SEACOR Holdings
SEACOR Holdings Inc. is a diversified holding company with interests in domestic and international transportation and logistics, crisis and emergency management, and clean fuel and power solutions. SEACOR is publicly traded on the New York Stock Exchange under the symbol CKH.

About American Industrial Partners
American Industrial Partners is an operationally oriented private equity firm that makes control investments in industrial businesses serving domestic and global markets. The firm has deep roots in the industrial economy and has been active in private equity investing since 1989. To date, AIP has completed over 100 transactions and currently has more than $7 billion of assets under management on behalf of leading pension, endowment and financial institutions. For more information on AIP, visit www.americanindustrial.com.

Additional Information and Where to Find It
The tender offer described in this communication commenced on December 18, 2020. This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company. On December 18, 2019, an entity that AIP controls filed with the United States Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO, and the Company filed with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. THE COMPANY’S STOCKHOLDERS AND OTHER INVESTORS ARE URGED TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The Tender Offer Statement and the Solicitation/Recommendation Statement are available for free at the SEC’s web site at www.sec.gov. Additional copies may be obtained for free by contacting the Company. Free copies of these materials and certain other offering documents will be made available by the Company upon request by mail to SEACOR Holdings Inc., 2200 Eller Drive, P.O. Box 13038, Fort Lauderdale, FL 33316, attention: Investor Relations, or by phone at 1-954-523-2200, or by directing requests for such materials to the information agent for the offer, which will be named in the Tender Offer Statement. Copies of the documents filed with the SEC by the Company will be available free of charge under the “Investors” section of the Company’s internet website at seacorholdings.com. In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, the Company files annual, quarterly and current reports, proxy statements and other information with the SEC. The Company’s filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.

Cautionary Note Regarding Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements discussed in this communication as well as in other reports, materials and oral statements that the Company releases from time to time constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements, including statements about the potential benefits of the proposed transaction, the prospective performance and outlook of the surviving company’s business, performance and opportunities, the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including (i) uncertainties as to the timing and expected financing of the tender offer; (ii) the risk that the proposed transaction may not be completed, or if it is completed, that it will close in a timely manner; (iii) the possibility that competing offers or acquisition proposals for the Company will be made; (iv) uncertainty surrounding how many of the Company’s stockholders will tender their shares in the tender offer; (v) the possibility that any or all of the various conditions to the consummation of the tender offer may not be satisfied or waived; (vi) the possibility of business disruptions due to transaction-related uncertainty and the response of business partners to the announcement, including customers; (vii) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (viii) the risk that stockholder litigation in connection with the proposed transaction may result in significant costs of defense, indemnification and liability; (ix) risks relating to the COVID-19 pandemic, including the volatility the pandemic has caused in the capital markets and the effects it has had and could continue to have on the global economy and (x) various other matters and factors discussed in Item 1A (Risk Factors) of the Company’s Annual report on Form 10-K and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. Given these factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

FAQ

What is the current status of the tender offer for SEACOR Holdings (CKH)?

As of March 19, 2021, approximately 54.5% of outstanding shares have been tendered for the $41.50 offer.

When does the tender offer for SEACOR Holdings (CKH) expire?

The tender offer expires on March 26, 2021.

What is the minimum percentage of shares needed for the SEACOR Holdings (CKH) merger to proceed?

A minimum of 66 2/3% of outstanding shares must be tendered.

Who is making the tender offer for SEACOR Holdings (CKH)?

The tender offer is being made by an affiliate of American Industrial Partners.

What should SEACOR Holdings (CKH) shareholders do regarding the tender offer?

Shareholders are encouraged to tender their shares quickly to participate in the value creation opportunity.