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McDermott Snubs $2B Acquisition Bid, Focuses On CB&I Buy

Law360 (April 23, 2018, 4:18 PM EDT) -- Houston-based engineering and construction company McDermott International Inc. on Monday said its board rejected Subsea 7 SA's roughly $2 billion acquisition offer, reiterating its commitment to buy Chicago Bridge and Iron NV in an all-stock deal that boasts a roughly $6 billion enterprise value.

In the announcement, McDermott said its board on Friday rejected Subsea 7’s offer, which was made on April 17 and was predicated on the deal for CB&I being scrapped. The board had concluded that Subsea 7’s $7 per share offer was “not...
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