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RailAmerica-Fortress deal ready to close


Published : Mon, 12 Feb 2007 19:09
By : Agencies
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BOCA RATON, Fla. (AP) - Short line railroad operator RailAmerica Inc. said Monday its shareholders approved the company's purchase by hedge fund manager Fortress Investment Group LLC for about $639.3 million, or $16.35 per share.

Including debt, the purchase prices rises to $1.1 billion and represents a 32 percent premium over the closing price for RailAmerica's stock of $12.38 on the New York Stock Exchange on Nov. 14, the last day of trading before the takeover was first announced.

The company said 74 percent of the 29 million shares voted were in favor of the takeover.

The transaction is expected to close Wednesday.

RailAmerica shares rose to a new 52-week high of $16.32, up 3 cents, in midday trading on the New York Stock Exchange.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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