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McDermott, Chicago Bridge shareholders OK merger deal

Published 05/02/2018, 11:55 AM
© Reuters.  McDermott, Chicago Bridge shareholders OK merger deal
  • McDermott (MDR +0.1%) shareholders approve the proposed merger with Chicago Bridge & Iron (CBI +6%), thwarting an attempt by Subsea 7 (OTCPK:SUBCY +1.5%) to block the deal.
  • MDR says a majority of shareholders supported the deal and approved a 3-for-1 reverse stock split, and CBI shareholders also voted in favor; the combination is expected to close on May 10.
  • Subsea last month offered $7/share for MDR, which rejected the deal, and then said it could revise its offer if the companies would work together to find additional benefits for a deal.
  • Now read: Encana Corporation 2018 Q1 - Results - Earnings Call Slides


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