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Article: Providence and Worcester Railroad Company Announces Acquisition and Dividend
- Article from:
- PR Newswire
- Article date:
- October 29, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WORCESTER, Mass., Oct. 29 /PRNewswire/ -- Orville R. Harrold, President, announced that the Board of Directors of Providence and Worcester Railroad Company ("P&W") (AMEX: PWX) today approved the execution of a purchase agreement for the acquisition of Connecticut Central Railroad Company ("CCCL"). The agreement provides for a stock exchange in which the shareholders of CCCL will receive a total of 20,000 shares of P&W common stock distributed pro rata in exchange for all of the stock of CCCL. If certain financial and other conditions are met, the shareholders of CCCL will receive an additional 7,500 shares of P&W common stock distributed pro rata, one year from the ...