McDermott International Inc. (NYSE:MDR) said it is fully committed to completing the transformational combination with CB&I. and on April 25 reiterated that it had rejected Subsea 7’s unsolicited offer.
McDermott said in a news release: “on April 20, 2018, following the unanimous determination of the company’s board of directors, it rejected an unsolicited, non-binding proposal received from Subsea 7 S.A. on April 17, 2018 to acquire all of the outstanding shares of McDermott common stock for US$7 per share, payable entirely in cash or up to 50% in Subsea 7 stock and the balance in cash. The highly conditional proposal was subject to, among other things, the completion of due diligence, the termination of McDermott’s business combination agreement with CB&I (NYSE:CBI) and regulatory approvals.”
McDermott said its board believes the combination with CB&I is in the best interest of McDermott and its stockholders, and has recommended that McDermott stockholders support the transaction. The combination is expected to close in May 2018. It remains subject to customary conditions, including approval by McDermott’s and CB&I’s stockholders and other closing conditions.
McDermott’s special meeting of stockholders is scheduled to be held on May 2, 2018.
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