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Florida East Coast Industries Inc. Stock Soars on News of Bid.(Originated from The Florida Times-Union, Jacksonville)
Knight Ridder/Tribune Business News, May, 1997 by Basch, Mark
May 6-St. Joe Corp., which already owns 54 percent of the stock of Florida East Coast Industries Inc., proposed yesterday to buy the rest of the stock for $102 in cash per share, a total of $423 million.
St. Joe and Florida East Coast, two closely related Jacksonville-based companies, have been working for more than a year on a deal in which Florida East Coast would sell its railroad subsidiary while folding its real estate unit, Gran Central Corp., into St. Joe. But this is the first time St. Joe has offered to buy the whole company.
The announcement sent Florida East Coast's stock soaring well beyond the $102 offer price. The stock closed at 107 7/8, up 19 1/8 on the day.
Analysts said the higher price reflects some large...
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