Portec Rail Products, Inc. (NASDAQ:PRPX) is currently under investigation by Stull, Stull & Brody in regards to potential breaches of fiduciary duty and other violations of state law by its Board of Directors. The investigation is being performed on behalf of the company’s common stock shareholders in regards to an agreement to sell all the company’s outstanding common shares to Foster Thomas Company. Foster Thomas Company is a wholly owned subsidiary of LB Foster Company. The transaction was valued at $112 million, or $11.71 per common share.
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Portec Rail Products, Inc. (Portec Rail Products) manufactures, supplies and distributes a range of rail products, including rail joints, rail anchors, rail spikes, railway friction management products and systems, railway wayside data collection and data management systems, and freight car securement systems. The Company also manufactures material handling equipment for industries outside the rail transportation sector at its Leicester, England operation. It serves both the domestic and international markets. The Company operates through four global business segments: Railway Maintenance Products Division (RMP), Shipping Systems Division (SSD), Portec Rail Nova Scotia Company (Canada) and Portec Rail Products (UK) Ltd. (United Kingdom).
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