21 December 2012 17:24 [Source: ICIS news]
HOUSTON (ICIS)--US-based Shaw Group said on Friday that its shareholders have approved its acquisition by energy and petrochemicals engineering firm CB&I.
The companies agreed in July to the $2bn (€1.5bn) deal, which is expected to close in the first quarter of 2013, subject to additional closing conditions, Shaw said. CB&I’s shareholders approved the acquistion earlier this week.
Shaw shareholders will receive $41 in cash and 0.12883 shares in CB&I common stock for each share of Shaw stock, for a total value of about $46.86/share, assuming the closing price of CB&I's shares on 20 December.
This reflects a premium of about 76% to the price of Shaw shares at the close on 27 July, the last trading day before the deal was announced.
($1 = €0.76)
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