Tuesday, June 29, 2010

Court: L.B. Foster can proceed with Portec buy

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Portec Rail Products, Inc. said late Monday that, as a result of a court order June 24, the company and L.B. Foster Co. “are no longer prohibited by the Court from completing the tender offer and merger.

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“Portec and L.B. Foster intend to continue to pursue the completion of the tender offer and related merger, which remain subject to certain closing conditions, including the tender of 65% of the outstanding shares of Portec common stock and regulatory approval,” Portec said.

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The decision by the Court of Common Pleas of Allegheny County, Pa., supersedes its issuing a preliminary injunction on April 21, enjoining the completion of the tender offer by L.B. Foster Co. for all of the outstanding shares of Portec common stock and the related merger of Portec into L.B. Foster.