Dec 31 James Bernhard, chief executive of
engineering company Shaw Group Inc, has sold off most
of his stake in the company he founded after shareholders
approved a sale to Chicago Bridge and Iron Co NV this
Late last week, Bernhard reduced his shareholding in Shaw to
143,356 shares from 1,131,603, according to filings with U.S.
securities regulators on Monday, in a sale that would have
raised more than $45 million.
In criticizing the deal price of $46 per share that Bernhard
negotiated for Shaw, H. Kevin Byun at Denali Investors LLC
speculated in a letter that Bernhard may have had political
ambitions in Lousiana that influenced the timing of the sale to
Denali, which had said it owns 1.1 percent of Shaw, was
asking for a special committee to investigate Bernhard for
potential conflicts of interest in selling off the
But the $3 billion deal, comprising $41 per share in cash
and $5 per share in CB&I stock when it was launched at the end
of July, won approval from 83 percent of Shaw's outstanding
shares on Dec. 21.
Shares of Shaw closed at $46.61 per share on Monday, up 42
cents on the day.