L.B. Foster, Portec Rail enter into timing agreement with DOJ
Written by jrood
L.B. Foster Company and Portec Rail Products, Inc., said that both companies have entered into a timing agreement with the Antitrust Division of the Department of Justice pursuant to which L.B. Foster and Portec Rail have agreed, subject to certain conditions, that they will not consummate L.B. Foster's acquisition of Portec Rail before July 16, 2010, without the Antitrust Division's consent.
As previously announced
on March 22, 2010, L.B. Foster and Portec Rail each received a formal second
request for additional information and documentary material from the Antitrust
Division regarding the Agreement and Plan of Merger dated February 16, 2010
pursuant to which L.B. Foster proposed to acquire Portec Rail through a tender
offer and subsequent merger.
L.B. Foster and Portec Rail
also said that they have executed an amendment to the Merger Agreement pursuant
to which the parties have agreed, among other things, to extend the drop-dead
date for completion of the acquisition to August 31, 2010.
Both L.B. Foster and Portec
Rail are cooperating with the Antitrust Division and are working toward
responding to the second request.
