April 26, 2010
Pennsylvania Judge Delays Sale of Huntington Company
By Tony Rutherford
Huntingtonnews.net Reporter
Pittsburgh PA (HNN) – The planned takeover of Portec Rail Products, Inc., which has an outlet in the former Houdaille structure, has been put on hold by an Allegheny County judge.
Portec would be taken over by L.B.Foster, a rail company in Green Tree, Pa. Foster would pay a total of $112 million to obtain a controlling interest in Portec.
However, three class action lawsuits have been filed by Portec stockholders who challenged the merger on grounds that a better offer may have been available in the marketplace.
Now, Common Pleas Judge Christine Ward will determine if Portec received the best offer. Until then, the merger is on hold.
For further details, click: http://www.post-gazette.com/pg/10112/1052359-28.stm
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Pennsylvania Judge Delays Sale of Huntington Company
By Tony Rutherford
Huntingtonnews.net Reporter
Pittsburgh PA (HNN) – The planned takeover of Portec Rail Products, Inc., which has an outlet in the former Houdaille structure, has been put on hold by an Allegheny County judge.
Portec would be taken over by L.B.Foster, a rail company in Green Tree, Pa. Foster would pay a total of $112 million to obtain a controlling interest in Portec.
However, three class action lawsuits have been filed by Portec stockholders who challenged the merger on grounds that a better offer may have been available in the marketplace.
Now, Common Pleas Judge Christine Ward will determine if Portec received the best offer. Until then, the merger is on hold.
For further details, click: http://www.post-gazette.com/pg/10112/1052359-28.stm
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Make HNN Your Homepage (IE Users Only)
