Global Value Investment Corp. Delivers Open Letter to the Board of Directors of Bristow Group Inc. (NYSE: BRS)
BRISTOW GROUP (BRS)
Last bristow group earnings: 2/11 04:33 pm
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bristowgroup.com/investors
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Source: PR Newswire
MEQUON, Wis., Jan. 9, 2019 /PRNewswire/ -- Activist investor Global Value Investment Corp. (GVIC) has delivered an open letter to the Chairman of the Board of Directors of Bristow Group Inc. (NYSE: BRS) expressing objections to the proposed financing of Bristow's planned acquisition of Columbia Helicopters, Inc. This letter can be viewed by visiting GVIC's website: https://www.gvi-corp.com/category/press-releases/.Under the proposed financing, GVIC estimates that between 33.0 million and 33.5 million shares of Bristow's common stock will be issued in order to consummate the Columbia acquisition. Compared to Bristow's November 2, 2018 outstanding share count of 35.8 million, this represents dilution of approximately 93%. GVIC believes that any benefits that may result from the Columbia acquisition are greatly outweighed by this dilution.GVIC believes that Bristow's common stock trades at a steep discount to the company's intrinsic value, and that several strategic alternatives exist to
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