Markets

McDermott Explores Strategic Alternatives For Lummus Technology; Stock Surges

(RTTNews) - McDermott International Inc. (MDR) said that it is exploring strategic alternatives for Lummus Technology, while maintaining the strategic rationale of engineering, procurement and construction.

In the pre-market trade, MDR is trading at $2.30, up $0.73 or 46.50 percent.

McDermott has retained Evercore as the lead advisor on the strategic alternatives process for Lummus Technology.

The company said it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott's technology business, with valuation exceeding $2.5 billion.

In addition, McDermott said its previously announced processes to sell the remaining portion of its pipe fabrication business and its industrial storage tank business are ongoing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    RTTNews

    Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

    Learn More