Subsea 7 Withdraws as McDermott and CB&I Get Merger Nod

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

Following the approval of the combination of the two companies, Subsea 7, who made an offer to acquire McDermott, has withdrawn its proposal.

Subsea 7’s proposal was a subject to the termination of McDermott’s transaction with CB&I, which McDermott rejected stating that the proposal was not in the best interests of the company as it significantly undervalued McDermott and was not an attractive alternative to the proposed combination with CB&I.

As previously announced on December 18, 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a premier vertically integrated onshore-offshore company with an enterprise value of approximately $6 billion.

Upon the completion of the transaction, McDermott stockholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent of the combined company.

The transaction is expected to be completed on May 10, 2018, subject to confirmation of satisfaction of the closing conditions, McDermott noted.

The combined company will retain the name McDermott.

 

Share this article

Follow Subsea World News

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Global Petroleum Show (GPS)

The Global Petroleum Show Conference is a comprehensive three-day program where…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Decom Offshore 2019

As an established industry event, Decom Offshore 2019 provides delegates with the valuable opportunity to network…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >