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December 19, 2012
16:00 EDTARII, GBXAmerican Railcar issues open letter to Greenbrier, raises offer to $22 per share
In an open letter to Greenbrier's (GBX) CEO, William A. Furman, American Railcar (ARII) wrote that the board is confused regarding Greenbrier's press release, stating that American Railcar's offer of $20.00 per share "grossly undervalues" Greenbrier. American Railcar strongly disagrees with Greenbrier's assertion; citing that on the day prior to the disclosure of American Railcar's ownership interest in Greenbrier, the company's stock closed at $13.95 per share. Moreover in the company's last earnings release, Greenbrier disclosed that FY13 railcar deliveries are forecasted to decline by 13% to 23% from 2012 levels and Greenbrier's stock price declined by 23% during the days following the release. As such, American Railcar Railcar is willing to acquire Greenbrier at a price of $22.00 per share, payable in cash, in a negotiated transaction. The offer price represents a 57% premium to the closing price of Greenbrier's stock on the day before American Railcar disclosed its ownership interest in the company and a 46% premium to the volume weighted average price of Greenbrier stock during the 30 trading day period prior to such date. American Railcar's offer represents full value for Greenbrier and will not be increased under any circumstances.
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