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MDR

McDermott

$7.12

(0.00%)

, CBI

CB&I

$13.80

(0.00%)

09:43
04/25/18
04/25
09:43
04/25/18
09:43

McDermott reiterates rejection of Subsea 7's non-binding, unsolicited proposal

McDermott (MDR) reiterated that on April 20, 2018, following the unanimous determination of the company's Board of Directors, it rejected an unsolicited, non-binding proposal received from Subsea 7 (SUBCY) on April 17, 2018 to acquire all of the outstanding shares of McDermott common stock for $7.00 per share, payable entirely in cash or up to 50% in Subsea 7 stock and the balance in cash. The highly conditional proposal was subject to, among other things, the completion of due diligence, the termination of McDermott's business combination agreement with CB&I (CBI) and regulatory approvals. McDermott is fully committed to completing the transformational combination with CB&I. The Company's Board believes the combination with CB&I is in the best interest of McDermott and its stockholders, and has recommended that McDermott stockholders support the transaction. The combination is expected to close in May 2018. It remains subject to customary conditions, including approval by McDermott's and CB&I's stockholders and other closing conditions. McDermott's special meeting of stockholders is scheduled to be held on May 2, 2018. McDermott encourages its stockholders of record at the close of business on April 4, 2018 to vote "FOR" each of the proposals relating to the combination.

MDR

McDermott

$7.12

(0.00%)

CBI

CB&I

$13.80

(0.00%)

SUBCY

Subsea 7

$0.00

(0.00%)

  • 26

    Apr

  • 30

    Apr

MDR McDermott
$7.12

(0.00%)

12/20/17
MSCO
12/20/17
NO CHANGE
MSCO
Underweight
McDermott may have hard time recognizing CB&I synergies, says Morgan Stanley
Morgan Stanley analyst Ole Slorer said he sees room for concern over McDermott's (MDR) deal to combine in an all-stock transaction with CB&I (CBI). McDermott's "pristine" balance sheet and improved execution could be hurt by CBI's recent execution challenges and "higher than optimal" debt, while synergies from the merger may be difficult to realize, contends Slorer, who keeps an Underweight rating on McDermott shares.
01/23/18
KEYB
01/23/18
UPGRADE
KEYB
Overweight
McDermott upgraded to Overweight from Sector Weight at KeyBanc
01/24/18
KEYB
01/24/18
UPGRADE
Target $14
KEYB
Overweight
McDermott upgraded to Overweight with $14 target at KeyBanc
KeyBanc analyst Tahira Afzal upgraded McDermott (MDR) to Overweight from Sector Weight with a $14 price target. The analyst expects a "step-up in execution" at CB&I (CBI) following the merger and has confidence in a sustained improvement in the energy macro environment. He believes the deal will create value.
04/23/18
SBSH
04/23/18
NO CHANGE
SBSH
McDermott bid would need to be closer to $10/share to break CB&I deal, says Citi
Citi said Subsea 7's hostile bid for McDermott (MDR) for $7 per share was an interesting and unexpected move, but the firm believes any proposal would have to be closer to $10 per share to disrupt the current terms of the deal with CB&I (CBI), which it notes is well down the road toward closing. Citi's "strong sense" is that McDermott, with the support of a majority of its board, is intent on staying the course in closing the deal with CB&I, adding that it thinks McDermott is buying CB&I at or near the bottom of a backlog cycle.
CBI CB&I
$13.80

(0.00%)

12/19/17
MACQ
12/19/17
UPGRADE
MACQ
Neutral
CB&I upgraded to Neutral from Underperform at Macquarie
CBI (CBI) is being acquired by McDermott International (MDR).
SUBCY Subsea 7
$0.00

(0.00%)

05/08/17
GSCO
05/08/17
UPGRADE
GSCO
Neutral
Subsea 7 upgraded to Neutral from Sell at Goldman Sachs
Goldman Sachs analyst Maria-Laura Adurno upgraded Subsea 7 to Neutral citing the company's execution and "solid" margins.
10/10/17
GSCO
10/10/17
DOWNGRADE
GSCO
Sell
Subsea 7 downgraded to Sell from Neutral at Goldman Sachs
Goldman Sachs analyst Maria-Laura Adurno downgraded Subsea 7 to Sell with a price target of NOK 111.90.
03/28/18
JEFF
03/28/18
DOWNGRADE
JEFF
Hold
Subsea 7 downgraded to Hold from Buy at Jefferies
Jefferies analyst Mark Wilson downgraded Subsea 7 to Hold and lowered his price target for the shares to NOK 110 from NOK 150. The analyst reduced his 2018 EBITDA margin estimates to reflect market pricing pressure.

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