Greenbrier Says Icahn's $543M Offer Shortchanges Investors

Law360, New York (December 19, 2012, 2:09 PM EST) -- Railcar maker Greenbrier Cos. Inc. roundly dismissed a $543 million takeover try by rival American Railcar Industries Inc., controlled by activist investor Carl Icahn, saying late Tuesday that the proposed purchase price undercuts the company's true value.

American Railcar in a Tuesday security filing offered $20 per share to Greenbrier investors, representing a 5.5 percent premium over Monday's close. The suitor appeared to justify the modest premium based on merger speculation ignited last month that lifted Greenbrier's share price more than 35 percent.

Icahn last month...
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