American Commercial Lines to be sold

American Commercial Lines to be sold

   American Commercial Lines Inc., the Jeffersonville, Ind.-based tug-and-barge company, said it has entered into an agreement to be acquired by an affiliate of Platinum Equity in a transaction valued at about $777 million.

   American Commercial said its board of directors approved the agreement and has recommended the approval of the transaction to stockholders.

   Under the agreement, stockholders, other than GVI Holdings Inc. and certain of its affiliates, would receive $33 in cash for each share of ACL common stock they hold. GVI, which owns 25.26 percent of the company, would receive $31.25 in cash for each share of stock if the transaction closes before Dec. 31, and $33 per share thereafter. GVI has entered into a voting agreement to support the transaction. During the past year, the company’s stock has traded as low as $14.78 and Monday reached a high of $34.49.

   American Commercial operates a fleet of 2,500 barges and about 125 towboats, and in Jeffersonville has the largest shipyard for building and repairing barges and towboats. Last year the company had revenue of about $850 million, and employed about 2,570.