Subsea 7 Withdraws Bid for McDermott

Subsea 7 S.A. announced that it had taken note of McDermott International shareholders' vote in favor of a combination with Chicago Bridge & Iron Co (CB&I).

In light of this vote, Subsea 7 confirms that the proposal made to McDermott's Board of Directors on April 17 and published on April 23 is no longer valid.

Last week, McDermott International reiterated what it described as the “unanimous determination” of the company’s board of directors to reject an unsolicited proposal from Subsea 7.

The non-binding proposal from Subsea 7 took the form of the acquisition of all the outstanding shares of McDermott common stock for US$7.00 per share, payable entirely in cash or up to 50 percent in Subsea 7 stock and the balance in cash.