Shareholders of Providence and Worcester Railroad Company (PWRR) have approved the proposed acquisition of PWRR by Genesee & Wyoming Inc. (G&W).
According to the agreement, PWRR will merge with Pullman Acquisition Sub Inc., a wholly owned subsidiary of G&W, with PWRR surviving the merger and becoming a wholly owned subsidiary of G&W. The merger is scheduled to close on or around November 1, 2016, subject to the satisfaction of the remaining customary closing conditions.
“We are very grateful to our shareholders for their overwhelming support of this transaction,” said Robert H. Eder, chairman of the Board and CEO of PWRR. “With today’s vote, we move one step closer to completing the transaction with Genesee & Wyoming, to the benefit of our shareholders, employees, customers, and the communities we serve.”
PWRR shareholders also approved an advisory proposal regarding the compensation that may be paid or become payable to PWRR’s named executive officers in connection with the merger.
PWRR is a regional freight railroad operating in Massachusetts, Rhode Island, Connecticut and New York.