Trinity Industries, Inc. (TRN) and Quixote Corp. (QUIX) said Wednesday that they have reached a definitive agreement for Trinity to acquire the outstanding common shares and equivalents of Quixote for cash of $6.38 per share, or about $61 million.
Trinity said it will fund the acquisition from available cash on hand, which totaled $545 million at September 30.
Quixote, through its subsidiaries, is a manufacturer of highway products designed to protect and direct motorists. Quixote will be combined with Trinity's Construction Products businesses.
The acquisition will be accomplished through a tender offer for Quixote's common shares by a wholly-owned subsidiary of Trinity, THP Merger Co., and is expected to close in the first quarter of 2010.
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