Chicago Bridge & Iron Company N.V. (delisted) (CBI) 銘柄情報

These shorts were covered, at least.


SCHEDULE 13D

Item 1 . Security and Issuer



This Schedule 13D (this “ Statement ”) relates to the shares of common stock, par value of Euro .01 per Share (the “ Shares ”), Chicago Bridge & Iron Company N.V., a Dutch corporation (the “ Company ”). The principal executive office of the Company is located at Prinses Beatrixlaan 35, 2595 AK The Hague, The Netherlands.



Item 2. Identity and Background



(a) The persons filing this Statement are Magnetar Financial LLC, a Delaware limited liability company (“ Magnetar Financial ”), Magnetar Capital Partners LP, a Delaware limited partnership (“ Magnetar Capital Partners ”), Supernova Management LLC, a Delaware limited liability company (“ Supernova Management ”), and Alec N. Litowitz (“ Mr. Litowitz ”) (collectively, the “ Reporting Persons ”).



This Statement relates to Shares held for the accounts of each of (i) Magnetar Capital Master Fund, Ltd, a Cayman Islands exempted company (“ Magnetar Capital Master Fund ”), (ii) Spectrum Opportunities Master Fund Ltd, a Cayman Islands exempted company (“ Spectrum Master Fund ”), (iii) Magnetar Andromeda Select Master Fund Ltd, a Cayman Islands exempted company (“ Andromeda Master Fund ”), (iv) Magnetar PRA Master Fund Ltd, a Cayman Islands exempted company (“ PRA Master Fund ”), (v) Magnetar Constellation Fund II-PRA LP, a Delaware limited partnership (“ Constellation Fund ”), (vi) Magnetar MSW Master Fund Ltd, a Cayman Islands exempted company (“ MSW Master Fund ”), (vii) Magnetar Multi-Strategy Alternative Risk Premia Master Fund Ltd, a Cayman Islands exempted company, (“ Premia Master Fund ”), collectively (the “Funds”), and (viii) two managed accounts for clients of Magnetar Financial (the “ Managed Accounts ”).



Magnetar Financial is a Securities and Exchange Commission (“ SEC ”) registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended, and manager of private investment funds and managed accounts. Magnetar Financial serves as investment adviser to each of the Funds and each of the Managed Accounts. In such capacity, Magnetar Financial exercises voting and investment power over the Shares held for the accounts of each of the Funds and each of the Managed Accounts. Magnetar Capital Partners serves as the sole member and parent holding company of Magnetar Financial. Supernova Management is the general partner of Magnetar Capital Partners. The manager of Supernova Management is Mr. Litowitz.



(b) The business address of each of the Reporting Persons is 1603 Orrington Avenue, 13 th Floor, Evanston, Illinois 60201.



(c) Each of the Funds is a private investment fund; each of the Managed Accounts is an account managed for a client of Magnetar Financial; Magnetar Financial is a privately-held SEC registered investment adviser and manager of private investment funds and managed accounts, including each of the Funds and each of the Managed Accounts; Magnetar Capital Partners is a privately-held limited partnership and serves as the sole member and parent holding company of Magnetar Financial; Supernova Management is a privately-held limited liability company and is the general partner of Magnetar Capital Partners; and Mr. Litowitz is a citizen of the United States of America, manager of Supernova Management and Chief Executive Officer of Magnetar Financial.



(d) None of the Reporting Persons has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).



(e) None of the Reporting Persons has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such Reporting Person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.



(f) Magnetar Financial is a Delaware limited liability company. Magnetar Capital Partners is a Delaware limited partnership. Supernova Management is a Delaware limited liability company. Mr. Litowitz is a citizen of the United States of America.



Item 3. Source and Amount of Funds or Other Consideration



The aggregate amount of funds used by the Reporting Persons in purchasing the Shares reported herein on behalf of the Funds and Managed Accounts have come directly from the assets of the Funds and Managed Accounts controlled by such Reporting Persons and their affiliates, which may, at any given time, have included margin loans made by brokerage firms in the ordinary course of business. The aggregate amount of funds used by the Reporting Persons in purchasing the Shares reported herein on behalf of the Funds and Managed Accounts was $86,497,573.63 (excluding commissions and other execution-related costs).



Item 4. Purpose of Transaction



The Reporting Persons acquired the Shares reported herein on behalf of the Funds and Managed Accounts after the public announcement of the Business Combination Agreement (as defined below) for purposes of receiving the business combination consideration described below upon consummation of the Business Combination (as described below). The Reporting Persons currently intend to vote the 4,733,400 Shares reported herein on behalf of the Funds and Managed Accounts in favor of the Business Combination.



Each of the Reporting Persons reserves the right to acquire additional securities of the Company in the open market, in privately negotiated transactions, or otherwise, to dispose of all or a portion of the Shares and/or other securities reported in this Statement, or to change their intention with respect to any or all of the matters referred to in this Item 4.



On Schedule A attached hereto, 500,000 Shares were sold short, and subsequently covered by the Reporting Persons on behalf of Spectrum Master Fund, Andromeda Master Fund, Magnetar Capital Master Fund and the Managed Accounts.



Other than as described above in this Item 4, the Reporting Persons do not have any plans or proposals that relate to, or would result in, any actions or events specified in clauses (a) through (j) of Item 4 to Schedule 13D.

Let's hope the shorts start covering soon or else we'll see the sp dip below $10. Or we get some positive news that prompts buying on fundamentals.

Chicago Bridge & Iron Company (CBI~$14.40) The company near term will be merging into MDR ($6.09). In this case the "tail" (mdr) will be wagging the "head" (CBI). Both companies are not getting the most "fav" reviews by the herd! Both have been howling "dogs" & when the merger was announced "all hell broke loose"!

After the dust settled the stock ran from $14 to $21.54 by Jan 23, 2018. Since that time CBI had been steady because it actually is a great infrastructure play as a combined company. Both have and had debt issues and project overruns and management boondoggles.

During the past month we have experienced greater volatility in the Wall Street Casino and CBI has been crushed! As we entered the end of March CBI has trended back down to around its 6 month low of $14.00 and we believe as early as next week this stock will react in a positive manner and head higher as oversold MDR recovers. As mentioned the tail wags the head.

The funds dumped it because they did not want it on their books. The "shorts" love this kind of situation so they pile on and weak holders and flippers all get in the act. The real buyers wait for the bargain basement price and then pounce!

We like the upside potential for the short term in consideration of the severe price crush as of late!

new short term buy recommendation on cbi from noted financial publication since 1984 http://saadvisory.com/update/archive/April-01-2018.htm

Yeppers, the recovery must have been most welcome.

Good luck, pard.

Trueheart

Oh, yes. At around an $18 average.

Nice recovery today, though.

Gads, the share price is heading south again in a bigly way.

Are you still in?

Trueheart

Won't wonders never cease?!

Dang, Chicago Bridge and Iron is a winner in today's downer market!

Trueheart

Carumba! That's nice to see.

For a change. (-:

Hot damn, Slo. The beast is shooting up in afterburner!

Trueheart

It may also be a sign that whatever worries the market thought there might have been with certain aspects of their business are unfounded.

Or at least dealt with/overcome.

Yeah, and I be bad too.

I'm rooting fer ya. The market may be betting that this new combo may integrate better than the previous one.

Trueheart

grrrrooooaaannn... that was baaaaaaad.

But I'll overlook it, if it keeps on going.

To take off on Chuck Berry's Johnny Be Good, "Go go go go Chicago go, go go go go Chicago go..."

Trueheart

(-: Thanks, True. I hope it can keep creeping up. $20 would be nice to see again.

And the share price got to $18+ today!

I'm rooting for you.

Trueheart

It got there today.

Now, let's see what it will do tomorrow.

It can't get anywhere at the moment.

CBI just can't get to $17.

Today's move is hopeful.

Let's hope it's also meaningful.

Eventually, yes.

Anyone see CBI run-up to $18?

David Dickson, MDR's current President and CEO, will be President and CEO of the combined company.

The companies expect the deal to be cash accretive, excluding one-time costs, within the first year after closing with annualized cost synergies of $250M in 2019 and substantial revenue synergies.

According to the deal terms, MDR shareholders would own ~53% of the combined company and CBI shareholders would own the remainder while being entitled to receive ~2.47 MDR common shares for each CBI share owned, or 0.82407 shares if MDR effects a planned three-to-one reverse stock split prior to the deal closing.

No, there's to be a merger of the two companies. The 2.47 is the ratio between the two share prices. We'll have shares of MDR.

100 shares of CBI equal 247 shares of MDR.

Will CBI shares remain? The article says for every one CBI share the shareholder will receive 2.47 shares of MDR.

CBI isn't showing too well AHs and MDR is showing even worse.

The market is speaking.

It may be that CBI had nowhere to go and sought the deal.

Trueheart

I imagine this is where the figure comes from.

The combined company has secured approximately $6 billion of fully-committed financing, led by Barclays, Credit Agricole CIB and Goldman Sachs & Co. LLC, and it is expected that permanently funded debt financing in the form of term loans and unsecured bonds will be put into place prior to closing.

maybe the extra 2B is debt.

Nothing to see here.

Pairing of two .... also rans

It'll be interesting to see what the market makes of the merger, sp-wise.

Dang, Slo, you may have some meat on the bone after all.

Good luck.

Trueheart

$6B? Market value today for CBI is just under $2B and MDR is just over $2B.

*McDermott, CB&I To Combine In $6B Deal

Upon completion of the transaction, McDermott shareholders will own approximately 53 percent of the combined company on a fully diluted basis and CB&I shareholders will own approximately 47 percent. Under the terms of the business combination agreement (“BCA”), CB&I shareholders will be entitled to receive 2.47221 shares of McDermott common stock for each share of CB&I common stock owned (or 0.82407 shares if McDermott effects a planned three-to-one reverse stock split prior to closing), subject to any withholding taxes. The estimated enterprise value of the transaction is approximately $6 billion, based on the closing share price of McDermott on December 15, 2017.

“Customers worldwide increasingly seek a single company that can offer end-to-end solutions, and the combination of McDermott and CB&I responds to these evolving customer needs by creating a leading vertically integrated company,” said David Dickson, President and Chief Executive Officer of McDermott. “This transaction combines two highly complementary businesses to create a leading onshore-offshore EPCI company driven by technology and innovation, with the scale and diversification to better capitalize on global growth opportunities. McDermott has been on a three-year journey that has transformed our company and created a model for delivering sustainable and profitable growth that we believe will unlock value in the near and long term. By applying McDermott’s operational excellence across the combined portfolio, we will be a best-in-class solutions provider driven by consistency in systems, processes, execution and culture. We have great respect for the CB&I team and look forward to working with them to realize significant benefits for our combined shareholders, customers and employees.”

“The combination with McDermott maximizes value for shareholders and provides the opportunity to participate in significant upside potential as we create a premier vertically integrated engineering, procurement, fabrication, construction and installation provider with significant scale, diversification and global presence,” said Patrick K. Mullen, CB&I President and Chief Executive Officer. “Together, we will have a broadened reach across the entire energy industry that addresses evolving customer needs, along with a much stronger and more flexible financial profile than CB&I would independently, which will benefit all our stakeholders. This unique opportunity to combine with McDermott was presented as we pursued the sale of our Technology and former Engineered Products businesses. Our Supervisory and Management Boards and our management team reviewed multiple strategic options and we ultimately decided this transaction is the best path forward and in the best interest of CB&I, and its shareholders and other stakeholders.”

Highly Compelling Strategic and Financial Rationale

Complementary global portfolio and an established presence in high-growth markets. This combination will unite McDermott’s established presence in the Middle East and Asia with CB&I’s robust operations in the United States, creating a balanced geographic portfolio with a strong position in high growth developing regions. Further, the combination will create significant opportunities to capture additional value from market trends across the entire value chain. Together, McDermott and CB&I will have a presence across onshore and offshore, upstream, downstream and power markets, enhancing competitiveness and enabling more consistent, predictable performance through market cycles.

Greater ability to respond to evolving customer needs. The combined company will offer customers engineered and constructed facility solutions and fabrication services across the full lifecycle, executed to maximize asset value. Customers will also benefit from enhanced exposure across diverse end markets, including refining, petrochemicals, LNG and power.

Enhanced financial profile to support growth. The combined company is expected to have a strong capital structure. On a pro forma combined basis, McDermott and CB&I would have combined revenues of approximately $10 billioni and a backlog of approximately $14.5 billionii. The combined company is expected to generate EBITDA growth and strong free cash flow, enabling it to rapidly de-lever.

Leverages CB&I’s strong technology capabilities. By retaining CB&I’s Technology business, with its 3,000 patents and patent application trademarks and more than 100 licensed technologies, the combined company will be one of the world’s largest providers of licensed process technologies. McDermott and CB&I anticipate leveraging these capabilities across their customer base to drive follow-on work.

Cash accretive with opportunities for cost and revenue synergies. The transaction is expected to be cash accretive, excluding one-time costs, within the first year after closing. It is also expected to generate annualized cost synergies of $250 million in 2019. This is in addition to the $100 million cost reduction program that CB&I expects to have fully implemented by the end of 2017. The cost synergies are expected to come from operations optimization, G&A savings, supply chain optimization and other related cost savings. Further, McDermott and CB&I expect that the transaction will lead to substantial revenue synergies due to the enhanced capabilities of the combined company.

Common attributes focused on safety and customer engagement. McDermott and CB&I’s combined experience in delivering customer centric solutions and fixed price lump-sum contracts will form the basis for the combined company to deliver a consistent approach to executing projects for customers. Further, their similar cultures will ensure safety remains the number one priority and will help facilitate a seamless transition for partners and emp

Doesn't look good. Abort.
Business as usual is my guess. No BIG deal.

$CBI 17 Puts SELLING Activity expiring on 22nd Dec, Vol 3127
looks to be for .35 to .45
PPS at 18.30 as I type

it appears that option traders are rolling out of 12/15 into 12/22
based on the 17.5 volume

Now THAT would be interesting. (-:
maybe the delay is because the buyer wants the whole company.

yes overseas should help. maybe the delay is because the buyer wants the whole company.

I don't follow politics, so anything along those lines that affect CBI, I'm not able to consider. But a lot of their business is overseas, so I'd imagine they could focus their efforts on the backlog they have from countries other than the US until the climate changes here. No?

I'm anxious to hear what analysts say about the company's financial health once the division is sold.

The GOP election loss last night will impact Washington's infrastructure plans for next year. The President was to talk about it in the January State of the Union address. The Democrats with the extra vote will either have to win more of the deals or they will stop any bill from passing. Probably why CBI, AKS and X were trading much lower this morning.

Still waiting for the Technology Division to sell. It's supposed to be for $2 billion. They delayed Debt Note discussions to next Monday the 18th. So either they extend it again, or something gets done in the next 2 days.

Well, I did divorce her eventually after hitting $80, so my loyalty does have it's limits. But now, down here under $20, I'm reminded of what attracted me to her in the first place.

There's something to be said for loyalty and fidelity, going the steady grind.

Of course the choice of categories of stocks and their grades are
paramount to the quantity and quality of returns.

I hope your coming decision will result in gains and serenity.

During the time that CBI has been the topic of most of our conversation the company certainly has had huge ups and downs.

Trueheart

I'm too loyal. And stubborn.

I'm thinking of getting out of individual stocks altogether.

My, you have a long term read on CBI, one that you have expressed before. I hope the company lives up to its promise to control costs, increase revenues and concentrate on its core abilities.

Trueheart

We'll see how my investment here pays off in 5 years. (-:

Slo, in the realm of returns from investments, making your money back can be satisfactory.

Trueheart

I did as well, in the past. But I'm only around the break even level now with my newer positions in CBI.

As you know I enjoyed nice gains here. Howsomeever, I am pleased that you are doing doing well as the result of this recent increase in share price.

Trueheart