The Greenbrier Cos. soars on news of Icahn's stake
The Greenbrier Cos. (NYSE: GBX) shares are soaring after billionaire investor Carl Icahn revealed in a regulatory filing that he amassed a 9.5% stake in the maker of railroad freight car equipment.
According to a Securities and Exchange Commission filing, Icahn owns 1.53 million in the Lake Oswego, Ore.-based company. Icahn, the activist shareholder, said in the filing that he believes GBX shares are undervalued.
Icahn acquired the shares through ARI Longtrain Inc., which is solely owned by American Railcar Industries Inc. Icahn owns about 54% of American Railcar’s common stock. The billionaire said he is interested in pursuing possible business combinations between Greenbrier and American Railcar.
In morning trading, GBX shares are climbing 19.75%, or $4.10, at $24.86. Over the last 52 weeks, shares have ranged from $16.03 to $38.99.
