Icahn's American Railcar Ups Offer To $597M For Rival

Law360, New York (December 20, 2012, 3:49 PM EST) -- American Railcar Industries Inc., the freight car maker controlled by activist investor Carl Icahn, padded its offer for rival Greenbrier Cos. Inc. to $597 million late Wednesday, but the proposed price still falls below what Greenbrier believes it is worth.

Under the revised terms, American Railcar would pay Greenbrier investors $22 per share, an upgrade on the $20-per-share bid lobbed earlier this week and blasted by the target as inadequate. The board has said it believes a purchase price in the $20 to $22 range “grossly...
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