57°
Baton Rouge, Louisiana
3 Day Outlook
Wed
87°
67°
40%
Thu
85°
70°
80%
Fri
83°
73°
90%

Latest Weather Blog

Follow our weather team on social media

Shaw stockholders OK sale

2 years ago Friday, December 21, 2012 12:17:50 PM CST December 21, 2012 Friday, December 21 2012 Dec 21, 2012 in News
Source: ap

BATON ROUGE- Shaw Group shareholders on Friday overwhelmingly approved the $3 billion sale of the company to CB&I.

Company officials tell The Advocate that 83 percent of shareholders voted to approve the sale. A vote of at least 75 percent was required for the deal to go forward.

Earlier this week, CB&I shareholders approved the purchase.

Shaw founder J.M. Bernhard Jr. said he expects the sale to close in mid-February.

Bernhard said he expected shareholders to approve the sale, since CB&I agreed to pay about $46.86 in cash and stock for each Shaw share. He said that was a premium of about 76 percent over the $26.69 that Shaw shares were trading at on July 27, the day before the deal was announced.

More News

comments powered by Disqus

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
5 Days
Radar
Today
Sunny
81°
58°
Wed
PM T-Storms
87°
67°
Thu
T-Storms
85°
70°
Fri
T-Storms
83°
73°
Sat
AM Clouds / PM Sun
87°
67°