U.S. railcar maker Greenbrier Cos Inc has rejected a $543 million bid from American Railcar Industries Inc which is controlled by activist investor Carl Icahn, saying the offer grossly undervalues the company.But Greenbrier said it remains ready and willing to continue discussions with Icahn, saying it believes that combining the two companies would offer substantial synergies and be beneficial to shareholders of both firms.American Railcar on Tuesday offered $20 per share for Greenbrier, reviving a nearly five-year old plan to combine the companies.Greenbrier said in a statement that in previous conversations, Icahn talked about acquiring the company at a price of between $20 and $22 per share in cash.
American Railcar Industries, Inc. is a North American designer and manufacturer of hopper and tank railcars. Shares of ARII traded higher by 6.64% or $2.14/share to $34.36. In the past year, the shares have traded as low as $20.26 and as high as $35.12. On average, 87834 shares of ARII exchange hands on a given day and today's volume is recorded at 465507.
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