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Stockholders approve McDermott and CB&I combination

Published by , Assistant Editor
Hydrocarbon Engineering,

Both McDermott International Inc. and CB&I have received the necessary stockholder approvals to complete the proposed business combination.

As previously announced, upon completion of the transaction, McDermott stockholders will own approximately 53% of the combined company on a fully diluted basis, and CB&I shareholders will own approximately 47% of the combined company.

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, the two companies believe that all material conditions to the combination, other than those to be satisfied on the closing date, have been satisfied. The transaction is expected to be completed on 10 May, subject to confirmation of satisfaction of the closing conditions.

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Downstream news CB&I news