Miscellaneous
Short Line/Regional
Miscellaneous
L.B. Foster and Portec Announce Second Amendment to Merger Agreement and Extension of Tender Offer
Miscellaneous
L.B. Foster Announces Dissolution of Preliminary Injunction on Proposed Acquisition of Portec Rail Products
PITTSBURGH — On Feb. 16, L.B. Foster Co. and its wholly owned subsidiary, Foster Thomas Company, entered into an Agreement and Plan of Merger with Portec Rail Products, Inc. Pursuant to the merger agreement, L.B. Foster, through its subsidiary, commenced a tender offer for all of Portec’s common stock at a price of $11.71 per share. The tender offer currently is set to expire on July 30 and is subject to all necessary antitrust clearances under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. L.B. Foster on June 28 announced that the Court of Common Pleas of Allegheny County, Penn., has
Short Line/Regional
Genesee & Wyoming Inc. Signs Agreement to Acquire FreightLink; Expands Rail Operations in South Australia and the Northern Territory
GREENWICH, Conn. — Genesee & Wyoming Inc. said it has signed an agreement to acquire the assets of FreightLink Pty Ltd, Asia Pacific Transport Pty Ltd and related corporate entities $277.2 million, plus the assumption of debt with a carrying value of $1.4 million. In addition, GWI expects to incur transaction-related expenses of $19.1 million, principally related to the payment of stamp duty (an Australian asset transfer tax). The acquisition of FreightLink is contingent upon customary closing conditions, including the receipt of certain governmental approvals. GWI expects to close the acquisition and to commence operations in the fourth quarter of
Short Line/Regional
Miscellaneous
Short Line/Regional
Amtrak
Short Line/Regional
Proposed Maine Abandonment Would Force More Trucks Onto Roads
WASHINGTON — The Section of Environmental Analysis at the Surface Transportation Board issued a draft environmental assessment on the proposed abandonment of 233 miles of rail line in the northern Maine counties of Aroostook and Penobscot. The draft review found that the abandonment of this line could divert onto Maine’s highways as many as an additional 73,344 truck trips per year, consuming an additional 3.3 million gallons of fuel per year. However, the draft review, which estimated it would take four trucks to replace every rail car, found that the diversion of rail traffic onto trucks would appear to be