Icahn-Controlled American Railcar (ARII) Again Takes Aim at Greenbrier (GBX)

American Railcar (Nasdaq: ARII) and Greenbrier (NYSE: GBX) are both about 6 percent higher on the session following a merger proposal issued earlier.

Ahead of the bell Tuesday, Carl Icahn-controlled American Railcar sent an offer to acquire Greenbrier for $20 per share, a premium of 26 percent over Monday's closing price for Greenbrier.

Shares are currently above that level, hinting that shareholders might expect another offer to come in over American Railcar's. One analyst from Susquehanna suspects that American Railcar would be about to pay about $23 in cash-and-stock to secure a deal. The analyst thinks a deal could add about 15 percent to American Railcar's earnings.

Icahn tried to acquire Greenbrier back in 2008, when Greenbrier shares were trading about $10 higher to about $30. Greenbrier moved over 40 percent higher following Icahn disclosing a 9.99 percent stake in the company last month, becoming its largest shareholder in the process.

Integration would be a snap; both Greenbrier and American Railcar produce, repair, and refurbish railroad freight cars.

Icahn Enterprises (Nasdaq: IEP) holds about 55.6 percent of American Railcar.

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