McDermott to explore strategic alternatives for business line, shares spike

Houston-based McDermott International Inc. (NYSE: MDR) could sell off its Lummus Technology business line after receiving unsolicited offers valuing it at more than $2.5 billion.

The offers have prompted McDermott to explore “strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through,” a Sept. 20 press release states. Strategic alternatives often include potential sales or other similar…

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