Shaw Group said yesterday that it had won the bidding for the assets of Stone & Webster Inc. in an auction proceeding held under Chapter 11 of the United States Bankruptcy Code. Shaw, a fabricated-piping-system company based in Baton Rouge, La., said it would acquire substantially all of Stone & Webster's assets for about $38 million in cash and approximately 2.5 million shares of Shaw common stock. Based on Thursday's closing price, the overall cash and share purchase price adds up to about $150.2 million. Shaw said it would also assume liabilities of about $450 million. It estimates the acquired assets have a total book value of about $600 million. Stone & Webster, a Boston-based engineering and construction holding company, filed for bankruptcy protection in June.
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