Advertisement
Singapore markets closed

  • Straits Times Index

    3,293.13
    +20.41 (+0.62%)
     

  • S&P 500

    5,067.18
    -3.37 (-0.07%)
     

  • Dow

    38,405.24
    -98.45 (-0.26%)
     

  • Nasdaq

    15,746.24
    +49.60 (+0.32%)
     

  • Bitcoin USD

    65,139.82
    -1,791.97 (-2.68%)
     

  • CMC Crypto 200

    1,403.02
    -21.08 (-1.48%)
     

  • FTSE 100

    8,039.60
    -5.21 (-0.06%)
     

  • Gold

    2,342.60
    +0.50 (+0.02%)
     

  • Crude Oil

    83.12
    -0.24 (-0.29%)
     

  • 10-Yr Bond

    4.6670
    +0.0690 (+1.50%)
     

  • Nikkei

    38,460.08
    +907.92 (+2.42%)
     

  • Hang Seng

    17,201.27
    +372.34 (+2.21%)
     

  • FTSE Bursa Malaysia

    1,571.48
    +9.84 (+0.63%)
     

  • Jakarta Composite Index

    7,174.53
    +63.72 (+0.90%)
     

  • PSE Index

    6,572.75
    +65.95 (+1.01%)
     

Icahn-backed American Railcar to sell itself in $1.75 billion deal

Reuters

(Reuters) - American Railcar Industries Inc <ARII.O>, majority-owned by billionaire investor Carl Icahn, is selling itself to ITE Rail Fund in a $1.75 billion deal including debt, the company said on Monday.

Icahn Enterprises said the sale generated a total return of 423 percent for a profit of about $757 million since it first bought a majority stake in the railcar maker in 2010.

The $70 per share offer represents a 51 percent premium to American Railcar's last closing price on Friday.

Excluding debt, the deal is valued at $1.34 billion.

Icahn owned a 62.21 percent stake in the railcar maker as of June 30, according to Refinitiv data.

ADVERTISEMENT

ITE Rail Fund LP is managed by investment firm ITE Management LP, with interests in industrial and transportation assets.

(Reporting by Sanjana Shivdas and Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty)