L.B. Foster, Portec ready to begin merger

Stan L. Hasselbusch, president and chief executive officer of L.B. Foster Co., announced Wednesday that wholly owed subsidiary Foster Thomas Company completed its cash tender offer for all outstanding shares of common stock of Portec Rail Products, Inc., and “we are now in process of combining our two great companies. As I look ahead I see a very bright future for the new L.B. Foster.”

“As of the subsequent offering period’s expiration time, approximately 8,662,078 shares had been tendered and not properly withdrawn pursuant to the tender offer, which represented approximately 90.20% of the outstanding shares,” said Wednesday’s announcement. “L.B. Foster and Foster Thomas Company accepted for payment all shares that were validly tendered and not properly withdrawn, and paid for these shares in accordance with the tender offer’s terms.

“L.B. Foster intends to effect a ‘short form’ merger of Foster Thomas Company with and into Portec, with Portec being the surviving corporation, as soon as practicable. As a result of the merger, Portec will become a wholly owned subsidiary of L.B. Foster,” the company stated.