Tuesday, March 23, 2010

Justice seeks new info on Foster-Portec merger

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L.B. Foster Co. and Portec Rail Products, Inc. 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 Feb. 16 in which L.B. Foster proposed to acquire Portec. As a result, the waiting period during which the Antitrust Division is permitted to review the proposed transaction has been extended until the 10th day after L.B. Foster's compliance with the second request.

“L.B. Foster and Portec 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,” said L.B. Foster in a statement Tuesday. “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 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.”