Posted by OilVoice Press - OilVoice
Subsea 7 S.A. today announced a re-affirmation of its interest in acquiring McDermott International, Inc. (“McDermott,” NYSE: MDR).
Subsea 7's proposal is subject to the termination of McDermott's pending transaction with CB&I (NYSE: CBI). Subsea 7 is open to considering amending its proposal if it can discover additional value through discussions with the McDermott management team.
Jean Cahuzac, Subsea 7's CEO stated that “A combination with McDermott is supported by compelling industrial logic. We would welcome the opportunity to engage with McDermott's Board of Directors and management to discuss our proposal and the substantial upside opportunity represented by ongoing participation in the equity, with a view to achieving a combination that would be in the best interests of our respective shareholders.”
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