Stockholders OK RailAmerica takeover
RailAmerica's stockholders have agreed to the $1.1 billion takeover offer by hedge fund manager Fortress Investment Group LLC.
Out of 28.99 million shares voted, representing 74.2 percent of RailAmerica's outstanding voting shares, 28.92 million voted in favor of the transaction.
Under terms of the agreement, RailAmerica stockholders will receive $16.35 in cash, without interest, for each share. The transaction is anticipated to close Wednesday.
RailAmerica is short line and regional rail service provider with 42 railroads operating about 7,800 miles in the United States and Canada.
Founded in 1998, Fortress is a global alternative asset manager with over $30 billion in assets under management as of Dec. 31.
Stockholders OK RailAmerica takeover
