- Luxembourg’s Subsea 7 disclosed on Monday that it made a $2bn proposal for McDermott that is contigent on the US group dropping its planned tie-up with Chicago Bridge & Iron Company.
McDermott: Subsea 7 (SUBCY) makes $7.00/share proposal to acquire McDermott
Subsea 7 proposed to acquire McDermott common stock for USD 7.00 per share, payable entirely in cash or up to 50% in Subsea 7 stock and the balance in cash. The proposal is subject to the termination of McDermott's pending transaction with CB&I (CBI).
- On April 20, 2018, the Board of Directors of McDermott rejected Subsea 7's proposal.
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