U.S. railcar maker Greenbrier Companies Inc has yet again rejected a bid from American Railcar Industries Inc, controlled by activist investor Carl Icahn, saying that even the sweetened offer undervalued the company.On Wednesday, American Railcar increased its offer by 10 percent to $22 per share, valuing Greenbrier at $597 million after the smaller railcar maker rejected an earlier $20 per share bid."American Railcar's conditional proposal to acquire the company for $22 per share is unacceptable and not in the best interests of Greenbrier stockholders," Greenbrier said in a statement late on Thursday.Greenbrier said that at no point during the discussions with Icahn did the company or its advisers invite or encourage American Railcar to make an offer to acquire Greenbrier for a price in the range of $20-$22 per share.
American Railcar Industries, Inc. is a North American designer and manufacturer of hopper and tank railcars. Shares of ARII fell by 8.03% or $-2.89/share to $33.11. In the past year, the shares have traded as low as $20.26 and as high as $36.33. On average, 98092 shares of ARII exchange hands on a given day and today's volume is recorded at 543063.
Shares of GBX fell by 11.89% or $-2.45/share to $18.16. In the past year, the shares have traded as low as $13.10 and as high as $26.66. On average, 613082 shares of GBX exchange hands on a given day and today's volume is recorded at 2755558.
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