American Oilfield Divers hungry for Newtsuit technology By tan Noble News Reporter A U.S.-based diving services firm has extended its offer to purchase shares in a high-profile North Vancouver company that is a leader in deep-sea diving technology. American Oilfield Divers (AOD) of Lafayette, Louisiana, said it would extend its $15-million offer to purchase shares of Hard Suits Inc. until Ocr. 30. The Sept. 25 offer of $1.50 per share, a 40% premium over the pre-offer price, was scheduled to expire last Thursday. WELCOME. TO THE One analyst sees the current situation sur- rounding the hostile takeover bid as a stale- mate. The extension shows AOD didn’t get the 50.1% of shares it wanted, while Hard Suits has not been able to rustle up a strategic part- ner of a competing bid from a white knight, said Pacific International Securities analyst Kevin Finnegan. “We'll just sit back and see how it plays out,” said Finnegan, who has followed Hard Suits for more than two and a half years. “It’s just in a holding pattern.” However, the fact that AOD did nor increase its bid price shows the company could be close to its 50.1% goal, said Finnegan. And because Hard Suits has not gotten a competing bidder means the inventive North Vancouver firm has not successfully fought the hostile takeover bid, Finnegan said. AOD provides diving services, marine con- struction and engineering services to the off- Sunday, October 20, 1996 — North Shore News — 13 jase offer extended shore oi! and gas industry. The American firm wants to buy Hard Suits so it can get its hands on the local com- pany’s leading-edge Newtsuit technology. AQD's current technology allows it ta oper- ate at depths up to 800 feet (244 m). Acquiring Hard Suits immediately allows the company to expand operations to the 1200-foot (366 m) level. Quinn Hebert, AOD’s corporate secretary, is confident his company’s bid will be success- ful. If it is, he said AOD has no current plans to change operations or the majority of the 35 personnel at Hard Suits, which is the parent company of Can-Dive and International Hard Suits. “We feel they have a creative, innovative, and aggressive group of talented folks over there,” he said. “If our perceptions are accu- Tate we are not going to make any changes.” How-ver, Hard Suit president and founder Phil Nuytten, the inventor of the high-tech Newtsuit, would be out if the takeover bid succeeds, said Hebert. Nuytten and AOD have differing opinions about where they want to take the company, said Hebert, adding Nuytten has done a heck of a job building the company. “A condition of our offer is AOD gets board control,” Hebert said. Nuytten did not return News phone calls. The Hard Suits board has not made a recom- mendation to shareholders to accept or reject the offer. In the vpinion of investment dealer C.M. Oliver and Company, AOD’s offer is adequate from a financial point of view. Nuytten and other company directors do not intend to tender their shares. AOD has 1,000 employees worldwide, with six offices in the United States and four overseas, ; Hard Suits lost money in the last two years despite winning several multi-million dollar contracts. | NORTH SHORE Fred & his. staff welcome their |. new neighbour WENDY'S. » Finally, a restaurant that makes... - burgers-as well as we cut hair. ° f burgers fd _" BESIAN ya "We're excited to have a new Wendy's in . Nerth Vancouver.. Please visit us soon." — : “No. 1 Barbershop & Beauty ~ Salon Servicing the North Shore for 25 years” Dave Thomas Founder of Wendy's Mountain View Village | | NOW OPEN io ce 1488 Main Street, i. Yan We're excited about our new Wendy's and invite you to come in and experience the Quality, Variety and Value that have made Wendy's famous. Try one of our 100% fresh beef © hamburgers, served hot-off-the-griil and topped the way you want it. Or enjoy one of our delicious chicken breast fillet sandwiches or fresh salads. Find out what makes our Super Value —: aR maine Menu one ofthe best values you'll see as : as anywhere, and bring the kids along for ; friendly ff offer a full range of the fun of a Wendy's Kids’ Meal. banki g services So come in for a relaxing meal in our beautiful new dining room, or drive-up Eo Residential mortgages ¢ Fall investments to our fast, convenient Pick-Up Window. - © Commercial services ° 2-24 hr InstaBank machines We're ready to Wow” you Dave’s Way, & © Automated banking services » Lots of parking so please visit us soon! 7 Hours: Mon-Thurs 10-4 Fri 10-5 1460 Main Street, N. Van : = Enter off Mountain tivy or Main St.