CB&I’s independent proxy advisory firm Glass Lewis joined Institutional Shareholder Services in urging the CB&I shareholders to in favor of McDermott International deal at the upcoming shareholder meeting.
Patrick Mullen, CB&I’s president and CEO, said the company expects to complete the transaction in May of 2018.
The supervisory board and management board of CB&I unanimously recommend that CB&I shareholders vote in favor of the proposals related to the proposed combination with McDermott.
As unveiled in December 2017, McDermott and CB&I agreed to combine in an all-stock transaction to create a vertically integrated onshore-offshore major.
Under the terms of the proposed combination, upon completion, it is estimated that 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.