The proposed merger deal between McDermott International and Chicago Bridge and Iron (CB&I) is due to be finalised as the US engineering and fabrication firm announced the completion and results of the exchange offer between the two companies.
As McDermott said that all 66.7 million shares in CB&I stock that were “validly tendered and not withdrawn” have been accepted as payment as part of the deal.
A spokesman for the company said: “McDermott expects to complete its proposed business combination with CB&I later today in accordance with and subject to the terms of the business combination agreement between the parties.”
McDermott shareholders will own 53% of the combined company, with CB&I holding the remaining 47%.
It comes following a recent rejected bid by UK-based Subsea 7 to take over McDermott for £1.4billion.
The offer was conditional on termination of the CB&I merger.
Subsea 7 has released a statement confirming that the proposal to McDermott is no longer valid.