Trinity Industries Inc. (TRN), on Wednesday said that it has reached a definitive agreement with Illinois-based highway products manufacturer Quixote Corp. (QUIX) to acquire the outstanding common shares and equivalents of Quixote for $6.38 per share in cash, or approximately $61 million. After the acquisition, Quixote will be combined with Trinity's construction products businesses.
Dallas, Texas-based Trinity stated that it will fund the acquisition, which has been unanimously approved by Quixote's board, from available cash on hand.
The acquisition is expected to close in the first quarter of 2010 and will be carried out by THP Merger Co., a wholly-owned subsidiary of Trinity, through a tender offer of at least 60% of Quixote's total outstanding shares of common stock on a fully diluted basis and on other customary conditions.
The combination of both companies research and development efforts will provide customers with continuing advancement in highway products.
Timothy Wallace, Trinity's chairman and chief executive officer said," This acquisition will further expand our international market penetration in the highway products business through Quixote's existing customer relationships."
"This transaction will benefit both companies' customers as the combination of our product lines will provide a more robust offering of highway safety products from a single source," said Quixote's Chief Executive Bruce Reimer.
BofA Merrill Lynch is acting as financial advisor to Trinity, and Morgan Keegan & Company Inc. is acting as financial advisor to Quixote.
TRN closed Wednesday's regular trading session at $ 17.71, down $ 0.19 or 1.06%, on a volume of 0.47 million shares on the NYSE. In the after hours the stock further fell 0.28% or $0.05, trading at $17.66.
QUIX closed Wednesday's regular trading session at $2.95, up $0.10 or 3.51%, on a volume of 0.06 million shares while in the after hours the shares further rose 112.88% or $3.33, trading at $6.28 on the Nasdaq.
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