McDermott, CB&I set for big merger after investors' nod
HOUSTON, May 5, 2018
McDermott International, a leading provider of integrated engineering, procurement, construction and installation (EPCI) services and CB&I, a major provider of technology and infrastructure for the energy industry, have announced that both companies have received the necessary stockholder approvals to complete the proposed business combination.
As per the deal, upon completion of the transaction, McDermott stockholders will own approximately 53 per cent of the combined company on a fully diluted basis, while CB&I shareholders will get 47 per cent of the combined company, said a statement from McDermott International.
As a result of the approval by McDermott stockholders of the 3-to-1 reverse stock split resolution, CB&I shareholders will receive 0.82407 shares of McDermott common stock for each share of CB&I common stock tendered in the exchange offer.
With the receipt of these approvals, McDermott and CB&I believe that all material conditions to the combination, other than those to be satisfied on the closing date, have been satisfied, said the statement.
The transaction is expected to be completed on May 10, 2018, subject to confirmation of satisfaction of the closing conditions, it added.-TradeArabia News Service
