Benzinga | Mar 22, 2021 08:47AM EDT

American Industrial Partners Reports Extension Of Expiration Data For SEACOR Holdings Offer To 5 p.m. EDT Friday, Mar. 26, 2021

American Industrial Partners and its affiliate Safari Merger Subsidiary, Inc. ("Purchaser") announced that Purchaser's tender offer for shares of SEACOR Holdings Inc. (NYSE:CKH) ("SEACOR") has achieved 54.5% of the outstanding shares tendered, and Purchaser has extended the expiration date until 5:00 p.m. Eastern Time on Friday, March 26, 2021. The Merger Agreement requires that a minimum of 66 2/3% of the outstanding shares be tendered, and the extension is to allow additional time to meet this minimum tender condition.

Purchaser is ready to close the transaction and, assuming that 66 2/3% of outstanding shares are tendered, expects that closing and payment for the shares will occur promptly after the new expiration.

The 54.5% of the outstanding shares tendered is a significant increase from the 38% tendered the prior week. Jason Perri, a Partner at American Industrial Partners, commented "It's clear that a majority of stockholders support this transaction, and we think we have good momentum to finally get to a closing."

American Stock Transfer & Trust Company, LLC, the depository for the tender offer, has indicated that, as of the prior expiration time, a total of approximately 11,389,689 shares, representing approximately 54.5% of the outstanding shares, had been validly tendered. The amount tendered includes approximately 480,639 shares delivered pursuant to guaranteed delivery procedures.

Shareholders are reminded that Shares tendered by guaranteed delivery do not count toward achieving the 66 2/3% minimum tender condition. Shareholders who have already tendered their Shares do not have to re-tender their Shares or take any other action as a result of the extension of the tender offer.

The tender offer is being made pursuant to the tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other offer documents) in the Tender Offer Statement on Schedule TO (together with any amendments or supplements thereto, the "Tender Offer Statement") filed by Purchaser and its affiliates with the United States Securities and Exchange Commission on December 18, 2020, as amended.