Photo: Image courtesy of CB&I

McDermott and CB&I granted stockholder approval

McDermott and CB&I granted stockholder approval
Image courtesy of CB&I

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

As previously reported, upon 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.

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, the statement reads.

With the receipt of these approvals, McDermott and CB&I believe 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.