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Tuesday, March 23, 2010

L.B. Foster, Portec Rail Products receive second request from DOJ

Written by 

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.

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