In May, McDermott International, Inc. (“McDermott” or the “Company”) (NYSE:MDR) announced that it has completed its combination with Chicago Bridge & Iron Company N.V. (“CB&I”), creating a premier, fully integrated provider of technology, engineering and construction solutions for the energy industry.
“This is an exciting day for McDermott,” said David Dickson, President and Chief Executive Officer of McDermott. “The combination of McDermott and CB&I brings together a global upstream and subsea engineering, procurement and construction company with an established downstream provider of industry-leading petrochemical, refining, power, gasification and gas processing technologies and solutions—creating a company that spans the entire value chain from concept to commissioning. Together, we have the integrated technology, engineering expertise, construction experience and global reach to design and build the energy infrastructure of the future.”
In accordance with the terms of the business combination agreement, and 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. As a result of the combination, CB&I common stock will no longer be listed on the New York Stock Exchange.
