CHC Helicopter Corporation to Increase Cash Offer for All Shares of Helicopter Services Group ASA.ST. JOHN'S, Newfoundland--(BUSINESS WIRE)--June 10, 1999-- Vinland Helicopters AS, an indirect Norwegian subsidiary of CHC Helicopter Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FLYAF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :FLY.A) (TSE:FLY.B) announced today that tomorrow morning, before the opening of the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. , it will increase its previously announced cash offer for all of the shares of Helicopter Services Group ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and (OSE OSE - Open Systems Environment :HES) not already held by it from 45 NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. per share to 60 NOK per share, and will extend the offer period until June 23, 1999. Vinland currently owns or controls approximately 37% of the outstanding shares of HSG. In addition, 31% of the outstanding shares have either been tendered to Vinland's offer or are subject to an agreement by the holder to tender its shares to the revised offer. Vinland's offer remains conditional on Vinland receiving acceptances covering a minimum of 90% of HSG's outstanding shares, the successful completion of a due diligence review of HSG, and obtaining material consents from government and regulatory authorities. These conditions can be waived or amended at Vinland's discretion. If the acquisition of HSG by Vinland is completed successfully, CHC will dispose of certain surplus helicopters from its fleet, which will not be necessary for the combined operations. The transaction will be for up to 12 aircraft and will include four to six Super Pumas. CHC is a worldwide provider of helicopter transportation services and operates 209 light, medium and heavy helicopters across Canada and around the world. The Company has 1,000 employees. |
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