Posted: Dec 21, 2012 2:17 PM
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.