CORRECTING and REPLACING Halliburton Recommends Rejection of Below-Market Mini-Tender Offer by Baker Mills LLC
December 15 2017 - 6:46PM
Business Wire
First paragraph, second sentence of release should read: The
offer represents approximately 0.0143 percent of Halliburton’s
shares of common stock outstanding as of the December 8, 2017 offer
date (sted: The offer represents approximately 1.43 percent of
Halliburton’s shares of common stock outstanding as of the December
8, 2017 offer date).
The corrected release reads:
HALLIBURTON RECOMMENDS REJECTION OF
BELOW-MARKET MINI-TENDER OFFER BY BAKER MILLS LLC
Halliburton (NYSE: HAL) today announced that it has received
notice of an unsolicited mini-tender offer by Baker Mills LLC
(“Baker Mills”) to purchase up to 125,000 shares of Halliburton
common stock from Halliburton’s stockholders. The offer represents
approximately 0.0143 percent of Halliburton’s shares of common
stock outstanding as of the December 8, 2017 offer date. Baker
Mills’s offer price of $36.00 per share is approximately 17.2
percent lower than the $43.46 closing share price of Halliburton’s
common stock on the New York Stock Exchange on December 7, 2017,
the last trading day prior to the offer date.
Halliburton does not endorse Baker Mills’s unsolicited
mini-tender offer and is not associated in any way with Baker
Mills, its mini-tender offer or its mini-tender offer documents.
Because Baker Mills’s offer price is below the current market value
for Halliburton’s common stock, Halliburton recommends that
stockholders reject this unsolicited offer and not tender their
shares in response to Baker Mills’s offer, or, if stockholders have
already tendered shares, that they withdraw their shares by
providing the written notice described in the Baker Mills
mini-tender offer documents prior to the expiration of the offer,
currently scheduled for 5:00 p.m., Eastern Time, on January 18,
2018.
Baker Mills has made similar mini-tender offers for shares of
other companies. Mini-tender offers, such as this one, seek to
acquire less than 5 percent of a company’s shares outstanding,
thereby avoiding many disclosure and procedural requirements of the
U.S. Securities and Exchange Commission (“SEC”). As a result,
mini-tender offers do not provide investors with the same level of
protections as provided by larger tender offers under U.S.
securities laws.
The SEC has cautioned investors that some bidders making
mini-tender offers at below-market prices are “hoping that they
will catch investors off guard if the investors do not compare the
offer price to the current market price.” The SEC’s cautionary
advice to investors regarding these offers is on its website at:
www.sec.gov/investor/pubs/minitend.htm.
Halliburton urges investors to obtain current market quotations
for their shares, to consult with their broker or financial advisor
and to exercise caution with respect to Baker Mills’s offer.
Halliburton encourages brokers and dealers, as well as other
market participants, to review the SEC’s letter regarding
broker-dealer mini-tender offer dissemination and disclosure at
www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Halliburton requests that a copy of this news release be
included with all distributions of materials relating to Baker
Mills’s mini-tender offer related to shares of Halliburton common
stock.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest
providers of products and services to the energy industry. With
approximately 50,000 employees, representing 140 nationalities and
operations in approximately 70 countries, the company helps its
customers maximize value throughout the lifecycle of the reservoir
– from locating hydrocarbons and managing geological data, to
drilling and formation evaluation, well construction and
completion, and optimizing production throughout the life of the
asset. Visit the company’s website at www.halliburton.com. Connect
with Halliburton on Facebook, Twitter, LinkedIn, and YouTube.
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version on businesswire.com: http://www.businesswire.com/news/home/20171215005777/en/
HalliburtonInvestors:Lance Loeffler,
281-871-2688Halliburton, Investor
RelationsInvestors@Halliburton.comorMedia:Emily Mir,
281-871-2601Halliburton, Public RelationsPR@Halliburton.com
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