Shaw sets shareholders meet; approve CB&I merger agreement

Shaw sets shareholders meet; to approve CB&I merger agreement

5:00 AM, 21st November 2012
Shaw sets shareholders meet; to approve CB&I merger agreement

BATON ROUGE, US: The Shaw Group Inc has scheduled a special meeting of its shareholders to approve the definitive merger agreement with CB&I to acquire Shaw.

The special meeting will be held 21 December, 2012, at Shaw’s headquarters located in Baton Rouge, La. In connection with the merger, Shaw shareholders will receive approximately $46 per share in cash and stock ($41 in cash and 0.12883 shares of CB&I common stock). This represents a 72 per cent premium to the price of Shaw shares ($26.69) at the close on July 27, 2012, the day before the merger agreement was announced.

Shaw’s board of directors unanimously recommends approval of the merger agreement. The company cannot complete the merger and shareholders will not receive payment unless the merger proposal is approved by the affirmative vote of the holders of at least 75 per cent of the shares of Shaw common stock.

Several of the conditions of closing already have been satisfied. For example, the waiting period for US antitrust review under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired 19 September, 2012; the Committee on Foreign Investments in the United States (CFIUS) review was concluded 2 November, 2012; and the Ministry of Commerce of China (MOFCOM), the Chinese competition law authority, approved the merger 12 November, 2012. The transaction remains subject to other customary closing conditions and approval by the shareholders of CB&I and Shaw.

© WOC News

 

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