Stockholders approve McDermott-CB&I merger

Offshore staff

HOUSTON and THE WOODLANDS, Texas – Both McDermott International Inc. and CB&I have received the necessary stockholder approvals to complete the proposed business combination.

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

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 said 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 May 10, 2018, subject to confirmation of satisfaction of the closing conditions.

05/02/2018