April 23, 2018 / 6:08 AM / 3 months ago

BRIEF-Subsea 7 offers to buy McDermott

April 23 (Reuters) - Subsea 7 Sa:

* SUBSEA 7 CONFIRMS USD 7.00 PER SHARE PROPOSAL TO ACQUIRE MCDERMOTT

* PROPOSAL REPRESENTS A PREMIUM OF 16% TO LATEST CLOSING SHARE PRICE OF MCDERMOTT ON APRIL 20

* SUBSEA 7 PROPOSED TO ACQUIRE MCDERMOTT COMMON STOCK FOR USD 7.00 PER SHARE, PAYABLE ENTIRELY IN CASH OR UP TO 50% IN SUBSEA 7 STOCK AND BALANCE IN CASH

* PROPOSAL REPRESENTS A PREMIUM OF 16% TO LATEST CLOSING SHARE PRICE OF MCDERMOTT ON APRIL 20

* ON APRIL 20, 2018, BOARD OF DIRECTORS OF MCDERMOTT REJECTED SUBSEA 7’S PROPOSAL

* WILL CONSIDER INCREASING ITS PROPOSED PRICE UPON FURTHER ASSESSMENT OF MCDERMOTT’S BUSINESS THROUGH DISCUSSIONS WITH MCDERMOTT MANAGEMENT

* ADDITIONALLY, FOR ANY STOCK CONSIDERATION, SUBSEA 7 IS OPEN TO DISCUSSING LISTING OPTIONS FOR SHARES OF COMBINED COMPANY

* PROPOSAL IS SUBJECT TO TERMINATION OF MCDERMOTT’S PENDING TRANSACTION WITH CB&I

* SUBSEA 7’S LETTER TO MCDERMOTT - WILLING TO BE FLEXIBLE WITH RESPECT TO CONSIDERING A MIX OF CASH AND SUBSEA 7 SHARES

* WE SEE SIGNIFICANT MERIT IN SUCH A TRANSACTION FOR ALL SHAREHOLDERS, AND WITH OUR FINANCIAL AND LEGAL ADVISORS CONTINUE TO BE OPEN TO DISCUSSIONS

* PROPOSED TRANSACTION WOULD NOT BE SUBJECT TO ANY FINANCING CONDITIONS OR SUBSEA 7 SHAREHOLDER APPROVAL

* IT WOULD BE SUBJECT TO REGULATORY AND OTHER CUSTOMARY CLOSING CONDITIONS Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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