McDermott Reiterates Rejection of Subsea 7’s Non-Binding, Unsolicited Proposal
MCDERMOTT INTL (MDR)
Last mcdermott intl earnings: 11/4 04:15 pm
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US:NYSE Investor Relations:
mcdermott-investors.com/phoenix.zhtml?c=96360&p=irol-calendar_pf
Company Research
Source: GlobeNewswire
HOUSTON, April 25, 2018 (GLOBE NEWSWIRE) -- McDermott International, Inc. (“McDermott” or the “Company”) (NYSE:MDR) today reiterated that on April 20, 2018, following the unanimous determination of the Company’s Board of Directors, it rejected an unsolicited, non-binding proposal received from Subsea 7 S.A. (“Subsea 7”) (Oslo Børs: SUBC, ADR: SUBCY) on April 17, 2018 to acquire all of the outstanding shares of McDermott common stock for USD 7.00 per share, payable entirely in cash or up to 50 percent in Subsea 7 stock and the balance in cash. The highly conditional proposal was subject to, among other things, the completion of due diligence, the termination of McDermott’s business combination agreement with CB&I (NYSE:CBI) and regulatory approvals. McDermott is fully committed to completing the transformational combination with CB&I. The Company’s Board believes the combination with CB&I is in the best interest of McDermott and its stockholders, and has recommended that McDermott s
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