Shares of McDermott International Inc. MDR, +13.55% soared 19% in premarket trade Monday, while shares of Chicago Bridge & Iron Co. CBI, -16.72% which has agreed to be acquired by McDermott, sank 12% after Norway-based oil-services company Subsea 7 S.A. SUBC, +1.96% SUBCY, -0.58% reportedly made a bid to buy McDermott. Subsea said it made a buyout bid of $7 a share for McDermott, which was 15.7% above Friday's closing price, and values McDermott at about $2.0 billion, but McDermott rejected the deal, The Wall Street Journal reported. Subsea said the deal was subject to the termination of McDermott's pending merger with Chicago Bridge & Iron, the WSJ report said.
Bye bye CB CB&I’s world-renowned tanks business also to keep current branding
New organization will utilize proven McDermott management model
to deliver excellence in project execution and sustainable, profitable growth
Company to provide integrated, end-to-end solutions – from the wellhead to the storage tank – that deliver quality, efficiency and dependability
Combination is expected to close in May 2018"