Dividends
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Fortress Investment Group (FIG) To Acquire Florida East Coast Industries (FLA) for $84/Share
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Florida East Coast Industries, Inc. (NYSE: FLA) entered into a definitive merger agreement with certain private equity funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG) under which Fortress will acquire FECI in a $3.5 billion transaction.
Florida East Coast Industries will pay a special dividend of $21.50 per share in cash and in the merger shareholders will receive $62.50 in cash for each share of FECI common stock they hold. The combined dividend and merger consideration equal $84.00 per share and represent a 13.3% premium to the NYSE closing price of $74.13 on May 7, 2007 and a 31% premium to the average closing price over the last 60 trading days.
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