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It's official: Emons Transportation Group Inc. shareholders at a special Feb. 20 meeting approved the short-line holding company's sale to Genesee & Wyoming Inc. (GWI) for $29.4 million.
Emons' stockholders will receive $2.50 per share cash if they tender shares according to instructions that the company's transfer agent plans to issue shortly after the transaction closes Feb. 22.
GWI and Emons Dec. 3 reached an agreement, under which GWI would acquire and merge Emons with a newly formed subsidiary for $18.5 million cash and $10.9 million in assumed debt.
Emons owns and operates 260-mile St. Lawrence and Atlantic Railroad Co. and St. Lawrence and Atlantic Railroad (Quebec) Inc., 40-mile York Railway Co., 40-mile Penn Eastern Rail Lines and a 35-acre Auburn, Maine, intermodal terminal.