CHICAGO--(BUSINESS WIRE)--Fairpointe Capital LLC, an independent registered investment advisor which has voting control of 5.9% of the outstanding shares of McDermott International and 5.9% of the outstanding shares of Chicago Bridge & Iron, has announced that it supports the proposed merger of Chicago Bridge & Iron and McDermott International and will vote in favor of the transaction at the upcoming shareholder meetings on May 2, 2018.
Fairpointe has determined that the merger of these two companies is in the best interests of the shareholders of both companies. McDermott management has demonstrated ability to manage complex projects and Chicago Bridge & Iron has a strong record of engineering and construction expertise. The combination of these two businesses creates a powerful, worldwide competitor with industry-leading onshore-offshore integration capabilities.
Fairpointe Capital LLC is an independent, registered investment advisor, which is majority women-owned. Total assets under management as of December 31, 2017 were $5.4 billion. The firm manages separate accounts for institutional investors and sub-advises the AMG Managers Fairpointe ESG Fund (AFFEX), the AMG Managers Fairpointe Mid Cap Fund (ABMIX) and the Parvest Equity USA Mid Cap Fund (available to non-U.S. investors). For more information visit www.fairpointecapital.com.