L.B. Foster (NASDAQ: FSTR) has made a bid worth $112.4 million in cash to acquire railroad equipment maker Portec Rail Products Inc. (NASDAQ: PRPX), according to Associated Press.
The companies said in a joint statement Wednesday that L.B. Foster will make a cash tender offer through a subsidiary to acquire all of Portec's outstanding shares of common stock for $11.71 per share, which is 4 percent premium based on Portec's closing share of price of $11.23 on Tuesday.
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The deal is subject to conditions, including at least 65 percent of Portec's outstanding shares being tendered. The deal is expected to close before the end of the second quarter.
Shares of L.B. Foster Co. rose 85 cents, or 3.2 percent, to $27.40, while shares of Portec rose 37 cents, or 3.3 percent, to $11.60.
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