First Reserve, CHC Helicopter merger outside date extended to Sept. 15

By Angela McDaniels

Tacoma, Wash., July 29 - First Reserve Corp. extended the outside date of its proposed merger with CHC Helicopter Corp. to Sept. 15, according to a CHC news release.

CHC expects the acquisition to be completed by that date but said the merger remains subject to receipt of transportation regulatory approvals in Canada and Europe.

The companies reserve the right to extend the outside date to Nov. 19, the release stated.

It was reported in February that the companies' C$3.7 billion 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.

Vancouver, B.C.-based CHC provides helicopter services to the offshore oil and gas industry. First Reserve is a private equity firm.

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