L.B. Foster completes tender offer for Portec Rail Products
Written by jrood
L.B. Foster Company said that the United States District Court for the District of Columbia signed the Hold Separate Stipulation and Order and that L.B. Foster's direct wholly-owned subsidiary, Foster Thomas Company, has completed its cash tender offer for Portec Rail Products, Inc. The tender offer for all of the outstanding shares of Portec expired at 5:00 p.m., New York City time, on December 15, 2010. As of that time, the depositary for the offer advised that approximately 7.63 million shares, representing approximately 79.46 percent of Portec Rail's outstanding shares, were validly tendered and not withdrawn in the offer. Foster Thomas Company has accepted for payment all validly tendered shares. Foster Thomas Company is providing a subsequent offering period, which will expire at 5:00 p.m., New York City time, on December 21, 2010, unless the subsequent offering period is further extended. During this subsequent offering period, Portec Rail stockholders who did not previously tender their shares of common stock in the offer may do so and will promptly receive the same $11.80 per share as was paid during the initial offering period.
