THE DEAL: Chicago Bridge & Iron Co. said Monday that it has agreed to buy Shaw Group Inc. for about $3.04 billion in cash and stock.
THE TERMS: Shaw shareholders will receive $41 in cash and CB&I stock worth about $5 for each of their Shaw shares. That represents an about 72 percent premium over Shaw’s Friday closing stock price.
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THE OUTLOOK: The Woodlands, Texas-based company, also known as CB&I, said the addition of Baton Rouge, La.-based Shaw will create one of the world’s most complete engineering and construction companies focused on the energy industry.
