CHC Helicopter shareholders to decide buyout by First Reserve on April 29

By Lisa Kerner

Charlotte, N.C., April 4 - CHC Helicopter Corp. will hold a special meeting of shareholders on April 29 at 7 p.m. ET in Richmond, B.C.

Shareholders will be asked to approve the C$3.7 billion all-cash buyout of the company by First Reserve Corp., it was announced on Friday.

It was previously reported that the companies' plan of arrangement calls for an affiliate of First Reserve to acquire all outstanding class A subordinate voting shares and all of the outstanding class B multiple voting shares of CHC for C$32.68 per share.

The merger agreement includes a reverse-break-up fee of C$61.4 million payable by First Reserve if the equity firm fails to complete the transaction, according to a prior news release.

CHC may terminate the agreement if it accepts a superior proposal but would be required to pay First Reserve a break-up fee of C$38.5 million, the agreement stated.

Vancouver, B.C.-based CHC provides helicopter services to the offshore oil and gas industry. The company was advised by Merrill Lynch Canada Inc. and Scotia Capital.

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