The Shaw Group Inc. (SHAW) a provider of support services to various industries, Tuesday asked its shareholders as of November 30, to vote in favor of the previously announced proposed merger with CB&I (CBI).
The company reiterated that the shareholders would receive about $46 per share in cash and stock, a 72 percent premium to the price of Shaw 's shares at the close on July 27, the last day of trading before the announcement of the deal.
"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 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."
The merger cannot be consummated unless at least 75 percent of the shareholders and the majority of the voting power present give the green light, said the company in a statement.
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