Energy group Trinity Industries completes tender for Quixote Corporation

5 February 2010

Parent company of structural wind tower manufacturer of Trinity Structural Towers, NYSE-listed Trinity Industries has completed the tender offer by its subsidiary, THP Merger, for all outstanding shares of common stock of NASDAQ-listed Quixote Corporation and said it intends to complete the acquisition of Quixote Corporation promptly.

The company said the tender offer and withdrawal rights expired at the end of 4 February 2010 and the depositary for the tender offer has advised that, as of the expiration time, approximately 8,155,248 shares were validly tendered and not withdrawn, representing approximately 87.37 per cent of all outstanding shares.

In total, taking into account the shares tendered to THP Merger Company in the tender offer and the 404,700 shares already held by THP Merger, it holds 8,559,948 shares, representing approximately 91.71 per cent of the total outstanding shares.

All shares that were validly tendered and not properly withdrawn have been accepted for purchase. THP Merger will pay for the shares at the offer price of $6.38 per share.

Trinity Industries also said it intends to effect a short-form merger under Delaware law and Quixote Corporation will become a direct, wholly-owned subsidiary of Trinity Industries. As a result of the merger, any shares of Quixote Corporation common stock not tendered will be cancelled and converted into the right to receive the same $6.38 in cash per share, said Trinity.

Following the merger, Quixote Corporation common stock will cease to be traded on the NASDAQ Global Market.

Headquartered in Dallas, Texas, Trinity Industries is a multi-industry company that owns a variety of businesses which provide products and services to the industrial, energy, transportation, and construction sectors.

Through its subsidiary Quixote Transportation Safety, Chicago-headquartered Quixote Corporation manufactures energy-absorbing highway crash cushions, truck-mounted attenuators, bridge anti-icing systems, flexible post delineators and other transportation safety products.

Copyright © 2010 NewNet

Tags: wind

This story was published on Friday, February 5th, 2010 at 3:45 pm and is filed under North America, deals, wind. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply