HOUSTON Nov 20 mrgShaw Group Inc on
Tuesday said its shareholders would meet on Dec. 21 to approve
Chicago Bridge and Iron's proposed takeover of the U.S.
Doubts about the $3 billion deal have surfaced since it was
announced in July, with some investors concerned about its
provisions and the motivation of Shaw founder, chairman and
chief executive James Bernhard.
One fund, Denali Investors, accuses Bernhard of conflicts of
In a September letter to independent directors, Denali said
Shaw's chairman and chief executive, James Bernhard, seemed to
want to close the deal early next year to allow him to run for
the U.S. Senate or for governor of Louisiana, where Shaw is
Some investors have sued, alleging breached of fiduciary
duty but Shaw said those lawsuits have no merit.
The shareholder meeting will be held in Baton Rouge,
Louisiana at Shaw's headquarters. A deal requires the support of
75 percent of Shaw's shareholders.