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McDermott Board Rejects Subsea Proposal - Quick Facts


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(RTTNews.com) - McDermott International, Inc. (MDR) confirmed its Board rejected an unsolicited, non-binding proposal received from Subsea 7 S.A. to acquire all of the outstanding shares of McDermott common stock for $7.00 per share, payable entirely in cash or up to 50 percent in Subsea 7 stock and the balance in cash. The Board concluded that the proposal was not in the best interests of the company or its stockholders as it significantly undervalued McDermott and was not an attractive alternative to the proposed combination with CB&I. Accordingly, the company's Board rejected the proposal.

McDermott said its Board believes the combination with CB&I is in the best interest of McDermott and its stockholders, and has reaffirmed its recommendation that McDermott stockholders support the transaction. The combination is expected to close in May 2018. It remains subject to customary conditions, including approval by McDermott's and CB&I's stockholders and other closing conditions. McDermott's special meeting of stockholders is scheduled to be held on May 2, 2018.


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This article appears in: World Markets , Stocks , Technology , Oil


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