Washington Group shareholders make payment elections in merger with URS

By Lisa Kerner

Charlotte, N.C., Nov. 29 - Washington Group International, Inc. shareholders completed the election of merger consideration in the company's Nov. 15 acquisition by URS Corp.

For each share of Washington Group common stock, shareholders electing:

• All cash will receive $95.11;

• Stock will receive some 1.14 shares of URS common stock and $29.78 in cash; and

• Mixed consideration or non-election will receive $43.80 in cash and 0.90 of a share of URS common stock.

The all-cash and all-stock elections were subject to proration to preserve an overall per-share mix of $43.80 in cash and 0.90 of a share of URS common stock for all outstanding shares of Washington Group common stock taken together, a company news release stated.

Cash will be issued in lieu of fractional shares.

URS acquired Washington Group for $3.1 billion.

It was previously reported that Washington Group's shares have ceased trading on the New York Stock Exchange. The company will operate as the Washington Division of URS under former Washington Group chief executive officer Steven Hanks.

URS is an engineering design services company located in San Francisco. Washington Group is a Boise, Idaho, engineering company.

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