Shareholders to vote on McDermott-CB&I merger in May

Shareholders of both McDermott and CB&I will vote for the proposed merger of the two companies at special meetings scheduled to be held at their respective offices in May. 

The merger, which was announced last December, remains subject to approval by McDermott’s and CB&I’s shareholders, completion of financing, and other closing conditions.

The two companies have already selected the executive leadership team and integrated organizational structure of the combined company, which will be effective upon the close of the transaction. It is worth reminding that David Dickson, currently serving as President & Chief Executive Officer for McDermott, will continue in that role for the combined company.

The combined company’s operations will be organized by four Areas – North, Central & South America (NCSA), Europe, Africa, Russia & Caspian (EARC), Middle East & North Africa (MENA) and Asia Pacific (APAC).

McDermott and CB&I have also already received all the required competition authority approvals for the transaction.

Under the terms of the proposed combination, upon completion, it is estimated that 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.

The duo on Thursday, March 29 filed the registration statement in connection with the proposed combination, which includes a joint proxy statement for the special meetings of McDermott and CB&I’s respective shareholders. Also on Thursday, the two companies announced the scheduled dates of the special meetings of their respective shareholders to seek certain approvals related to the proposed combination.

McDermott’s special meeting of shareholders is scheduled to be held on May 2, 2018 at 9:00 a.m. Central Daylight Time, at the offices of Baker Botts L.L.P., 910 Louisiana, 32nd floor, Houston, Texas.

CB&I’s special meeting of shareholders is scheduled to be held on May 2, 2018 at 3:00 p.m. Central European Time, at the Intercontinental Amstel Amsterdam, Professor Tulpplein 1, 1018 GX Amsterdam.

McDermott’s and CB&I’s respective boards of directors recommend that the companies’ respective shareholders vote “FOR” the proposals put forth for resolution at each special meeting.

The combination is expected to be completed in the second quarter of 2018.

Offshore Energy Today Staff

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