Hercules Offshore, Todco clear waiting period early

By Lisa Kerner

Charlotte, N.C., May 30 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Hercules Offshore, Inc. and Todco.

Under the companies' March 19 merger agreement, Todco shareholders will receive an average total consideration equal to 0.979 of a share of Hercules Offshore and $16 in cash for each share of Todco common stock outstanding, or an estimated 56.9 million shares of Hercules Offshore and cash of $930.7 million.

Todco shareholders will own approximately 64% of the combined company, and Hercules Offshore shareholders will own about 36%.

Hercules Offshore will hold a special meeting of stockholders on July 11 to vote on the proposed $2.3 billion acquisition of Todco. Only shareholders of record as of May 30 are entitled to vote.

Houston-based Hercules Offshore operates a fleet of nine jackup oil and gas drilling rigs and 64 liftboats.

Todco, also based in Houston, provides contract oil and gas drilling services.

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