Acadiana Business

Shaw sets meeting for shareholder approval of CB&I deal

by Leslie Turk

Shaw shareholders will vote on the proposed buyout Dec. 21.

Baton Rouge-based Shaw Group Inc. announced in a press release Tuesday that it has scheduled a special meeting of its shareholders to approve the company's purchase by CB&I.

The special meeting will be held Dec. 21 at 9 a.m. at Shaw's headquarters at 4171 Essen Lane in Baton Rouge. Shaw's shareholders of record at the close of business Nov. 30, 2012, will be able to vote on the buyout.

As part of the deal, Shaw shareholders will receive approximately $46 per share in cash and stock ($41 in cash and .12883 shares of CB&I common stock). This represents a 72 percent premium to the price of Shaw shares ($26.69) at the close on July 27, 2012, the day before the buyout was announced.

Shareholders with any questions or who need assistance voting shares, should contact Morrow & Co. LLC at 800.607.0088 or 203.658.9400. Read the full release here.