Greenbrier (GBX) Soars As Icahn Scoops Up Shares, Recommends Merger With American Railcar (RAIL)

Shares of Greenbrier Companies (NYSE: GBX) have soared 20% intra-day after affiliates of activist investor Carl Icahn discloses a 9.45% stake in the company and said that it is interested in discussing a possible combination of Greenbrier and American Railcar (Nasdaq: ARII), another Icahn holding.

Icahn disclosed the stake in a 13D filing through Longtrain, which is wholly owned by American Railcar. Mr. Icahn beneficially owns approximately 53.7% of the common stock of American Railcar.

The filing showed Longtrain was an aggressive buyer of Greenbrier in January, buying the full 1,530,000 share position from 1/08-1/25 at prices from $17.60 to $19.54 per share.

Shares of American Railcar are up 14%.

Greenbrier has yet to comment on the filing.