L.B. Foster, Portec Rail Products receive second request from DOJ
Written by jrood
L.B. Foster Company and Portec Rail Products, Inc., said that they have each received a formal second request for additional information and documentary material from the Antitrust Division of the Department of Justice regarding the Agreement and Plan of Merger dated February 16, 2010 pursuant to which L.B. Foster proposed to acquire Portec through a tender offer and subsequent merger.
As a result of the second
request, the waiting period under the Hart-Scott-Rodino Act, during which the
Antitrust Division is permitted to review the proposed transaction, has been
extended until 11:59 p.m., Eastern Time, on the 10th day after L.B. Foster’s
compliance with the second request, or until 11:59 p.m., Eastern Time, on the
next business day following that date, if the 10th day falls on a weekend or
federal holiday. L.B. Foster and Portec Rail expect to promptly respond to the
second request, and to continue to work cooperatively with the Antitrust
Division as it conducts its review of the proposed transaction.
As a result of the second
request, L.B. Foster presently intends to extend the expiration time of the
tender offer from time to time if the HSR waiting period has not expired. L.B.
Foster does not have the right under the Merger Agreement to unilaterally
extend the expiration time of the Offer beyond June 15, 2010.
