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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.