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Written by / Agency / Source: PassPort RailRoad USA

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PassPort RailRoad Announces Tender Offer for National Railroad Passenger Corporation - PassPort RailRoad Corporation USA (“PassPortRR”) announced that it has commenced an Offer to Purchase 9,385,694 shares of National Railroad Passenger Corporation (
PassPort RailRoad Announces Tender Offer for National Railroad Passenger Corporation

 

NewswireToday - /newswire/ - Phoenix, AZ, United States, 2013/08/12 - PassPort RailRoad Corporation USA (“PassPortRR”) announced that it has commenced an Offer to Purchase 9,385,694 shares of National Railroad Passenger Corporation ("Amtrak") - PassPortRR.com.

   
 
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Under the terms of the Offer to Purchase, PassPortRR will offer make $1.50 per share cash for all of the Common Stock of Amtrak. As a result of the transaction, PassPortRR will acquire a consolidated equity position. The tender offer is subject to the receipt of all issued shares validly tendered and not withdrawn, and other customary conditions.

PassPort RailRoad USA (passportrr.com) is a transportation holding company based in Phoenix, Arizona. For more than 20 years, PassPortRR has actively promoted the development, expansion and restoration of competitive intercity passenger rail alternatives in the United States. According to Stanley E. Taylor II, CEO of PassPortRR,“We believe that Amtrak represents the best option to advance and deliver intercity rail as a transportation alternative to highway gridlock and airline congestion. In America, talking trains means Amtrak.”

Amtrak was created by the United States Congress to take over, and independently operate, the nation’s intercity rail passenger services as its principal business. “America’s Railroad” began service on May 1, 1971. Amtrak collected a record $2.0 billion in ticket revenue in fiscal year 2012, while total revenue increased 6.3% over fiscal year 2011 to a record $2.9 billion.

Amtrak owns and/or maintains 759 miles of right-of-way, including more than 363 route miles in the Northeast Corridor (“NEC”); a 61-mile track segment that connects New Haven, CT to Springfield, MA; 104 miles from Philadelphia to Harrisburg, PA, the first new high speed corridor in the 21st Century; as well as a 96 mile segment in Michigan and Indiana. The NEC is the busiest railroad in North America, with more than 2,200 trains operating over some portion of the Washington, D.C. to Boston, MA route every day, with an average of 750,000 daily riders.

 
 
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Written by / Agency / Source: PassPort RailRoad USA

 
 

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PassPort RailRoad Announces Tender Offer for National Railroad Passenger Corporation

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Publisher Contact: Stanley Eugene Taylor II - PassPortRR.com 
877-650-7288 CEO[.]PassPortRR.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any PassPort RailRoad USA securities in any jurisdiction including any other companies listed or named in this release.

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