DBM Global Inc.Grey Market
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  • Sep. 30, 2014, 2:54 PM
    | Sep. 30, 2014, 2:54 PM
  • Sep. 23, 2014, 3:04 PM
    • The latest deal for the Phil Falcone vehicle is the purchase of Global Marine - a provider of engineering and underwater services for subsea cable installations - for an enterprise value of $260M after assuming the company's debt.
    • The deal was funded through a senior secured facility provided by Jefferies, and a private sale of convertible preferred stock.
    • The capital raise also gives HC2 (OTCQB:HCHC +3.4%) the funds needed to complete its tender for the 30% of shares of Schuff International (OTCPK:SHFK) it doesn't already own.
    • Previously: HC2 extends tender offer for Schuff International
    | Sep. 23, 2014, 3:04 PM
  • Sep. 22, 2014, 12:28 PM
    • As of the end of last week, 612.8K shares of Schuff (OTCPK:SHFK +0.8%) had been tendered to HC2 (OTCQB:HCHC -0.2%) for $31.50 per share in cash. Combined with its existing stake, this would give HC2 86% of Schuff's outstanding shares (enough to utilize HC2's NOLs against Schuff's profits, if you believe this SA Pro article).
    • Nevertheless, the number of shares tendered to date does not meet the 90% Majority-of-the-Minority Condition, and HC2 is extending its offer until the close of business on Sept. 29.
    • Schuff's current stock price is exactly $31.50.
    | Sep. 22, 2014, 12:28 PM