STX OSV

STX OSV: CIMB note that a bid could touch at least $1.60/share. Och-Ziff (PE Fund) could already have signaled a floor price or minimum bid when it increased its stake to 21% from 20% at an average cost of $1.59/share, as estimated by the vol-weighted average price. Recall that Och-Ziff acquired its 18.3% stake in STX OSV for $1.33/share in Jul 11. It has a key role to play in the sale process as the STX Group has a bilateral lock-up agreement with Och-Ziff whereby it will not dispose of additional shares until 12Nov 12, with certain limited exceptions. Separately, Upstream reported that a jv between ‘Fincantieri and Carlyle‘ is pitted against SG yard group Keppel in the contest to be the leading bidder, South Korea’s MK business news said. STX OSV refused comments on the latest rumors.