Thursday, Trinity Industries Inc. (TRN) said that its wholly-owned subsidiary THP Merger Co., has commenced a tender offer of $6.38 per share in cash without interest for all the outstanding common stock of Quixote Corp. (QUIX), scheduled to expire on Thursday, February 4, 2010, unless extended.
Dallas, Texas-based Trinity noted that the tender offer and merger are subject to customary closing conditions, including the acquisition by THP Merger Co. of at least 60% of Quixote's issued and outstanding shares on a fully-diluted basis.
Trinity expects to consummate a merger in which remaining Quixote stockholders will receive the same $6.38 cash price per share, without interest, as paid in the tender offer after the completion of the offer and if required an approval from Quixote's stockholders.
The company on December 30, 2009 stated that it has reached a definitive agreement to acquire Chicago Illinois-based highway products manufacturer Quixote for approximately $61 million. After the acquisition, the company said that Quixote will be combined with its construction products businesses.
TRN is currently trading at $18.14, down $0.09 or 0.49% on a volume of 0.90 million shares on the NYSE. QUIX is currently trading at $6.35, up $0.03 or 0.47% on a volume of 0.70 million shares on the Nasdaq.
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