CB&I shareholders approve merger with Shaw Group

CB&I (NYSE: CBI) announced that 90 percent of shareholders approved the proposed acquisition of The Shaw Group (NYSE: SHAW) on Dec. 18.

A majority of the acquisition’s closing conditions have been met and CB&I expects the transaction to close in the first quarter 2013, subject to the satisfaction of remaining conditions.

On the same day, Shaw urged its shareholders to vote on the merger. The vote is scheduled for Dec. 21.

“Shaw’s board of directors believes this merger agreement provides the best value to all Shaw shareholders and recommends shareholders vote FOR the proposal to adopt the merger agreement,” said J.M. Bernhard Jr., Shaw’s chairman, president and chief executive officer. “With the special meeting of shareholders quickly approaching, Shaw encourages all of its shareholders who have not yet voted to immediately vote each and every proxy card received.”

Shaw cannot complete the merger and shareholders will not receive payment unless the merger is approved by holders of at least 75 percent of the shares of common Shaw stock.

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